Robert Bumgarner 0

Petition for Vote to Veto Recent Finance Rule Changes

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Petition for Vote to Veto Recent Finance Rule Changes

Friends of Lake Wildwood

On February 27, 2018, the Lake Wildwood Association Board of Directors approved Finance Rule changes that will consolidate our two reserve funds and remove many restrictions that limit future expenditures. FOLW has been advised that two amendments to those changes are necessary: (1) the asset must actually exist and be accounted for on the Association’s list of booked assets; and (2) the asset must be included in the current annual reserve study. Without those additional restrictions, it will not be possible to track reserve funding and spending discipline or the accuracy of reserve reporting.

We, the below listed members of the Association, hereby demand that the Board conduct a special vote of the members by written ballot for purposes of Vetoing the approved changes to Finance Rules R-4.10.20, R-4.10.30, and R-4.10.31, which were published on March 16, 2018. That demand is made pursuant to the provisions of Civil Code ¶4365.

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