membership approval

Started by SharonS9 • 4 replies • 1234 views

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SharonS9 (Florida)
Posts: 2

Posted:

how much of a ceiling on spending money before requiring membership approval...the president thinks 250.00 but the rest of the boad feels that is too low...we have about 60 members and we rent our land from the co-op...who we get along with very well..thank you

CarolF (Florida)
Posts: 435

Posted:

Sharon - would you please tell us a little more about your association. I'm not understanding what you mean by "renting land from the co-op".

SharonS9 (Florida)
Posts: 2

Posted:

when the park first started people bought shares..in the hope of someday selling and making a profit...we did not buy a share...sooo we pay a monthly rental fee...but our hoa goes to bat for the "renters" to help them in different situations....and we negotiate the cpi for the rent fee..in other words...we represent the renters who must join the hoa for $10 a year....hope this helps

SusanW1 (Michigan)
Posts: 5,202

Posted:

Do you have a yearly budget?
If landscaping is budgeted at $400, the committee or person overseeing that project does not need to go to the board to get approval, since the budget has already been approved at a meeting, usually by the Members or Board.

JanetB2 (Colorado)
Posts: 4,219

Posted:

Hi Sharon ... what do your HOA documents state?

My HOA by-laws has a section listing transactions which require membership approval and one is (short version):

Any expenditures not anticipated or reflected in budget items noted and approved by members, then would need approval only if singly or aggregated exceeds 10% of the annual budget.

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