💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in

DwightT (Idaho)
Posts: 664
Posted:
We had our annual meeting a couple nights ago, and a new Board was elected. None of the old Board members ran for re-election, so we now have an entirely new Board. I was the President of the old Board.

The problem that I'm having is that there were a couple of things in the works that the other old Board members want to complete:
* Revision of Bylaws. This was actually finished and approved at the annual meeting. The only thing left is signing the new document with a Notary. I feel that this should be done by the new Board. The other Board members are saying that since we made the changes and brought it to the members and it was voted on while we were still the Board, then we should be the ones to sign it.
* Transfer funds to a CD. We don't have a mandated reserve fund. However, earlier this year we set one up and transferred $30,000 into CDs. We currently have about $20,000 in our main checking account (operating funds) and another $10,000 in an old checking account that we had planned on also moving into CDs. However because of some timing issues, that last transfer didn't happen before the meeting. The other old Board members want to go ahead and do the transfer since we are still on the signature cards at the bank.

While I would prefer that the new Board sign the Bylaws, I guess I wouldn't be too upset with doing that. However, I'm not really comfortable with transferring the funds. We did approve doing the transfer at the last Board meeting, but as I mentioned it didn't get done. I feel that the new Board should be the ones to take care of that, or not if that is their decision. So far the new Board hasn't said anything about this. The discussion so far has taken place in email, and while the messages have been sent to them, so far they haven't responded.

Any thoughts?
RonaldH (Connecticut)
Posts: 3
Posted:
The new board should initiate all action on the revised bylaws unless some of the old board members stayed on in an advisor roll and are still officially part of the board.The new board must assume the finacial responsibilties of the association.Usually what occurrs right after a change of board.The out going board goes to the financial institution with the new board and gets the new treasurer signed up and removes the old.This is done with the board president present.
RebeccaA (Washington)
Posts: 3
Posted:
I don't know if you have the ability to make this happen in the future, but when our HOA held elections, we did so about 2 weeks before the term for the old board expired. During that 2 weeks, the old BOD finished up any pending "old" business, and helped the new BOD "get their feet wet" in a joint meeting. We were able to transition a little easier that way. The only thing that kind of didn't work out as well as I would have liked with that, is that some of the old BOD just stopped fulfilling any of their duties before their term expired because they weren't on the new BOD. It wasn't a huge deal though, it just meant that the rest of us had to pick up the slack.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

  • ✓ Ask follow-up questions
  • ✓ Share your experience
  • ✓ Get expert advice
  • ✓ Access 350,000 discussions
Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here