What to Expect from an HOA Annual Meeting
HOA annual meetings are integral to your community. While a regular board meeting focuses on your directors making operational decisions periodically throughout the year, an annual meeting is where the homeowners get to decide who should be on the board and make decisions on their behalf.
Achieving Quorum at an HOA Annual Meeting
The first order of business at an annual meeting is making sure that quorum is reached. Each association can usually find out how many votes they need to reach quorum by referencing the association’s bylaws. To help reach quorum, many communities use a proxy, which is a piece of paper that a homeowner can fill out so that their vote counts if they’re unable to attend in person.
What to Expect from an Annual Meeting
An annual meeting is still facilitated and led by the board president or an appointed board member recapping the last fiscal year. Items discussed could include:
- A recap of projects that were completed last year
- How much money is in the reserves of the operating accounts
- The association’s master insurance information
- Other status items that would be of interest to the community
Active committees may also share any information or updates to the projects they have completed or intend to finish in the future.
Electing New HOA Board Members
Once the board has gone over important details from the past year, it’s time to elect some new board members. The term of each position, and how many members should be appointed to the community is likely outlined in the association’s bylaws. Typically a board is made up of five members:
- Vice President
- Member at Large
The board will disclose anybody that has approached them prior to the meeting. Anyone who has an interest in being a nominee could stand up and address the community and explain why they would be a good fit for the board. The board will then ask the community if there is anyone in attendance who would like to have their name on the ballot as a last-minute add-on. The ballots will then be collected, and an announcement will be made as to who has been elected to the board based on those votes.
Who Is the Ideal HOA Board Member?
Annual meetings are very important because all HOAs ultimately run by the decisions of those appointed to the board. It’s important that members elected to the board are available because they have to invest their time and what is needed to make sound decisions on behalf of the community. An ideal board member should:
- Demonstrate integrity
- Be on bias from making decisions
- Utilize critical thinking
- Remain respectful and professional
Understand the Importance of Your HOA Involvement
Many homeowners choose to move into an HOA without wanting to get involved, and that’s a choice that each member has to decide for themselves. However, it’s important to know that volunteer board members are making a sacrifice for the betterment of the HOA community as a whole. As board members, they’re busy making sure rules are adhered to, money is both being spent and saved appropriately, and that the maintenance of the property remains a top priority. All of these actions are taken to ensure property values stay high and that the experience of living in an HOA is a positive one. Hopefully, you now know more about the purpose of an HOA annual meeting and this information empowers you to consider making a difference by running on the board of your community. For more insight on annual meetings, contact HOA Assist today.