Financials & Budgets
This document must be mailed or delivered with the notice when the budget is being considered.
What is the proposed budget?
This must be included with the notice for a condo annual meeting.
What is the agenda?
This is the minimum number of days’ notice required before an HOA annual meeting.
What is 14 days?
This is the term for the process of electing board members.
What is the annual election?
This is the minimum number of board members required to hold a meeting.
What is a quorum of the board?
This is the term for a meeting where members vote on budget approval.
What is a budget meeting?
This document must be mailed or delivered with the notice when the budget is being considered.
What is the proposed budget?
This must be included in the annual meeting notice to inform homeowners of discussion topics.
What is the agenda?
This document outlines voting procedures.
What are the bylaws?
This is the term for the official record of meeting discussions.
What are meeting minutes?
This is the term for the process of estimating future reserve needs.
What is a reserve study?
This is the quorum requirement for condo annual meetings unless bylaws state otherwise.
What is a majority of voting interests?
This percentage of voting interests typically constitutes a quorum at an HOA annual meeting.
What is 30%?
This is the typical way election votes are cast at HOA annual meetings.
What is a written ballot?
This is the minimum number of times per year the board must allow member questions.
What is four times?
This is the term for the fund used to cover unexpected expenses.
What is the contingency fund?
This is the maximum duration a proxy remains valid.
What is 90 days?
This type of proxy is allowed for votes on amendments and waiving reserves.
What is a limited proxy?
This must be provided to members before voting on amendments.
What is a copy of the proposed amendment?
This must be made available if a contract is being approved at the meeting.
What is a copy of the contract?
This is the term for the professional review of financial statements without a full audit.
What is a financial compilation or review?
This is the minimum number of times per year the board must allow member questions.
→ What is four times?
This must be included in the notice if the meeting is held virtually.
What are access instructions?
This document lists all eligible voters.
What is the voting roster or owner list?
This is the term for a meeting held without proper notice.
What is an invalid meeting?