Petition for Vote to Veto Recent Finance Rule Changes
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.
Updates
March 27, 2018
We hit a major milestone and the Board cannot ignore this pressure anymore. Post the link to your social media now and email your representative to demand they acknowledge our petition.
6 Comments
Ridiculous to change how our money is handled without a vote. Stop trying to hide the books and let us decide.
Bring back the original rules. Accountability is a must for any board.
we deserve to know where our reserve money is going. keep the restrictions in place so the board doesnt just spend it all.
Total incompetence. Asset reporting matters. VETO THIS NOW.
This is our money and our community. Stop treating us like we dont have a say in these rule changes.
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Petition for Vote to Veto Recent Finance Rule Changes
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.
Updates
March 27, 2018
We hit a major milestone and the Board cannot ignore this pressure anymore. Post the link to your social media now and email your representative to demand they acknowledge our petition.
6 Comments
So tired of the board making changes behind our backs. My dues go up every year and now they want less oversight? Not okay.
Ridiculous to change how our money is handled without a vote. Stop trying to hide the books and let us decide.
Bring back the original rules. Accountability is a must for any board.
we deserve to know where our reserve money is going. keep the restrictions in place so the board doesnt just spend it all.
Total incompetence. Asset reporting matters. VETO THIS NOW.
This is our money and our community. Stop treating us like we dont have a say in these rule changes.
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So tired of the board making changes behind our backs. My dues go up every year and now they want less oversight? Not okay.