Homeowners Annual Meeting Part I

There are only two mandatory meetings the associations are required to hold. The annual members meeting and a budget meeting of the board of directors. The Annual is a meeting for the members while the budget meeting is a board meeting intended to validate a fiscal budget.

Annual meetings are held for the purpose of any business that comes before the members and for the election of directors, if necessary. If there were a lack of interest to run for the board, there would be no election at the annual meeting. The remaining officers at the time of the annual meeting will automatically return or shift to directors and would appoint  volunteers to fill board vacancies. If there were no interest to fill board vacancies to constitute a quorum, beware. See, “The Consequences of not having a Board Sufficient to Constitute a Quorum”.

If not provided for in the governing bylaws, the minimun Florida Statute quorum requirement of members at an annual meeting is 30% of the voting interest. Many homeowner documents require a 33% to constitute a quorum. A lower number of quorum requirement in the community documents, supersedes the Florida Statute, see 720.306 on the next page.

A quorum of an annual meeting can be in person or by proxy. Decisions requiring a members vote, such as a roll over or a waiver of financial reporting are carried by a majority vote of members present. Unless otherwise stated in the governing articles of incorporation’s or bylaws, amendment of governing documents requires a 2/3% vote of the total voting interest.

Unless otherwise provided for in the governing documents, changes of the total voting interest due to appurtenances or addition of property, requires a 100% members vote. For more fun facts see, “Sale and Lease Transfer Fee’s for Condominium and Homeowner Associations”. To review supporting documents, click here. (more…)