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9/28/2023 5:55:20 PM
 
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Section 5: OPA Board Subject: Boardroom Replacement? Msg# 1193232
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Regardless, the Board of Directors can vote (2/3rds I believe) to move reserve funds from one category to another. For example, from replacement to new capital.
Correct: Section 8.03 of the By-Law, last sentence. Although notice of a proposed transfer is not defined, it would appear to require more than simply publishing an agenda. I have no doubt some association members will question this, Agreed: There are provisions in F-03 Financial Reserve Accounts that can be considered relevant. Is the existing Board Room a Capital Asset that will be replaced? The expenditure level of the New Capital Reserve is set at $500,000 in any one fiscal year. Jim Trummel |
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For reference, the above message is a reply to a message where: Could you explain this a little further. I thought this method of payment was an issue in the past when Directors used it to get a new capital project thru without objections from property owners. The idea is to use replacement reserves to replace an old board room with a new board room. Regardless, the Board of Directors can vote (2/3rds I believe) to move reserve funds from one category to another. For example, from replacement to new capital. I have no doubt some association members will question this, but in my opinion, this is a long overdue project and the board should move forward with it and use $500,000+- of replacement reserves, however allowed - directly or a move on a board vote. The second largest HOA in Maryland should have a dedicated room for Board of Directors meetings. At the end of August, OPA had over $18 million in cash and investments. Makes no sense to me to increase the assessment to build a replacement boardroom for $500,000 +-? |
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