Annual Meeting FAQ
What is a Proxy representative?
Am I required to select a Proxy representative?
What happens to a selected Proxy representative after the annual meeting?
Can both my spouse and I select different proxy representatives?
What is a meeting Quorum?
Why is it important to have a Quorum?
Why is IRS Resolution 70-604 important?
How many people can I vote for to be on the Board of Directors?
Why are these people listed on the form for me to vote for them?
How do I completely fill out the limited proxy form correctly to submit it?
**If you do not select a proxy and you are not present at the annual meeting but you have submitted a signed blank proxy you are authorizing the Secretary of the Association to submit your vote in order to meet the Quorum.
ii.You will make your selection for the new Board of Directors by marking next to their name or writing in the name of the person you are nomination, no more than 5 candidates can be selected.
3. You will enter the date you are signing the proxy then print and sign your name.
4.If you attending the annual meeting you will turn in the proxy form when you check in at the sign in table.
i.If you are not attending the meeting you are asked to do one of the following:
- A Proxy representative is someone who does not live in your home but you are authorizing to submit a vote on your behalf. A Proxy representative will only have the authorization to issue a vote on your behalf for the following two items: * Voting of the Board Members
Am I required to select a Proxy representative?
- No, you are not required to select a proxy representative as long as you are filing your own vote. Every home owner is urged however to turn in their signed proxy document if they are selecting a Proxy representative or not!
What happens to a selected Proxy representative after the annual meeting?
- Absolutely nothing! A selected proxy representative is only valid for 90 days once turned in. Also, a proxy representative can only vote on the two items on the Proxy form so nothing else can be done.
Can both my spouse and I select different proxy representatives?
- No, a single proxy representative represents all occupants in the home, so only one proxy needs to be selected.
- However, when more than one person owns a unit, all of the co-owners of that unit must act jointly to appoint one person as their proxy. The written proxy form must be signed by each of them or by their representatives, duly authorized in writing to make that appointment.
What is a meeting Quorum?
- A meeting Quorum is when there is a minimum of 10% representation of the homeowners in a meeting. In Asbel Creek there are currently 492 homes, which means we need a total of at least 50 homes represented at the meeting to achieve a Quorum.
Why is it important to have a Quorum?
- A Quorum is legally required for the community to vote for IRS Resolution 70-604 rollover option. If a Quorum is not present, the community would have only 90 days to hold another meeting and get a quorum to initiate the vote.
Why is IRS Resolution 70-604 important?
- IRS Resolution 70-604 is important because this resolution will dictate whether or not the community can take the extra money not spent during the year and roll it over to the next year tax free. If the resolution is not passed with a Quorum vote then the money will be taxed at 30% and the community would lose valuable funds.
How many people can I vote for to be on the Board of Directors?
- Every home can select no more than 5 representatives per proxy form turned in. This would include if you write in any nominations not previously printed on the form.
Why are these people listed on the form for me to vote for them?
- Currently, all the people who are listed on the proxy form are members of the community that have submitted a Notice of Intent to be a Candidate for the Board of Directors form. Of the five community members listed, four are current board members in Asbel Creek.
How do I completely fill out the limited proxy form correctly to submit it?
- To fill out the form correctly all you have to do is list your home address within Asbel Creek on the first blank line.
- If you are selecting a proxy (person who does not live in your home) to represent your vote in the annual meeting you will fill in their name on the second blank line.
**If you do not select a proxy and you are not present at the annual meeting but you have submitted a signed blank proxy you are authorizing the Secretary of the Association to submit your vote in order to meet the Quorum.
ii.You will make your selection for the new Board of Directors by marking next to their name or writing in the name of the person you are nomination, no more than 5 candidates can be selected.
3. You will enter the date you are signing the proxy then print and sign your name.
4.If you attending the annual meeting you will turn in the proxy form when you check in at the sign in table.
i.If you are not attending the meeting you are asked to do one of the following: