Wikipedia defines proxy voting as “a form of voting whereby some members of a decision-making body may delegate their voting power to other members of the same body to vote in their absence, and/or to select additional representatives. A person so designated is called a "proxy" and the person designating him or her is called a "principal".
Here at Diversified Association Management we know that the proxy forms go a long way in helping meeting quorum requirements for nearly all Associations, as most are next to impossible to reach the quorum requirement. So we help Associations come up with creative ways to get owners to attend the meeting or at the very least, return their proxy forms. Below is a list of ways Diversified Association Management helps accomplish this:
Education: Many times owners do not realize the point of an annual meeting, what quorum is, what proxies are, etc. When Diversified Association Management mails the annual meeting notice we make sure we explain what each document is, why it is important to participate and what happens if the document requirements are not met.
Convenience: Diversified Association Management recommends sending pre-paid, pre-addressed, postcard proxy forms out. This allows owners to simply fill out the desired info and pop the card in the mailbox. Many Associations are starting to offer proxies online; Diversified Association Management has teamed up with Association Voice and their websites allow this feature.
Location, location, location: When scheduling annual meetings, managers at Diversified Association Management make every effort to keep the meeting location close to the community. Inconveniencing owners is a sure fire way to have no attendance at the meeting. It is also important to schedule the meeting after business hours so those working class members can attend. Diversified Association Management managers have no qualms about meeting after business hours!
At the annual meeting, the budget will be discussed and possible need to be ratified (document dependent). A budget for an Association is just an estimate on how much the Association anticipates will be spent on items for the year ahead.
There are many factors to consider when putting together a budget as amounts fluctuate and there is not always a contracted amount. So, it is best to look at historical data when working on an Association budget. You should keep in mind the Board’s “wish list” and incorporate any as you are able to. You should add past unbudgeted items (ie, graffiti removal) and separate repair items from maintenance items that were not factored before (ie., gutter repair versus gutter cleaning).
1. Create your income line items. These should include only guaranteed income such as:
We do not recommend budgeting late fees and interest to Associations as that is not guaranteed income. You never want to rely on paying the bills with a questionable income source.
2. Create your expense line items. These should include the things like:
Of course, you can never tell exactly what could come up the next year, so we always advise to budget a small contingency amount. Make sure you work closely with your Diversified Association Management manager to prepare the draft budget and review all necessary documents regarding budget notification timelines. Careful consideration of Assessment increases should be given; make sure it falls in line with the requirements or that you are prepared to go to the owners for a vote.
In the end, you should have a balanced budget with no profit or loss.
No matter what your budgeting or annual meeting needs are, Diversified Association Management can help!
TIS THE SEASON… ANNUAL MEETING AND BUDGET SEASON!