PREPARING FOR TURNOVER Understanding Turnover Turnover is the - - PowerPoint PPT Presentation

CASTELLINA HOMEOWNERS ASSOCIATION, INC.

PREPARING FOR TURNOVER

Understanding Turnover

• Turnover is the transition of control of the Homeowner Association

from the Developer to the Resident Owners.

• Turnover typically begins within 90 days after the community reaches

90% closed homes.

• Turnover is something that occurs with all developer started HOA’s

and is governed by Florida Statute 720.

What is the Turnover Process?

• Within 90 days of reaching 90% closed homes, the process begins.
• The Association through the Management Company notices all owners in

writing that an Initial Election will be held. At that meeting, the Developer Board Members will issue their resignation from the Board and a new resident members Board will be elected by the owners.

• The 1st Notice for the Initial Election will be mailed out approximately 60

days prior to the meeting. In the Notice, it will list the date, time and location of the meeting.

• The Initial Board will be comprised of five members (Directors).
• The three Board Members with the most votes will receive a two year
• term. The other two Board Members will receive a one year term. All

future elections will elect Directors to a two year term.

Turnover Process Continued

• The 1st Notice asks for any owner who is interested in running as a

candidate for the Board of Directors to submit their Intent to Run to the Association at least 40 days prior to the Initial Election. The Candidate also has the ability to submit a one page (8 ½ x 11) information sheet about themselves if they so choose.

• There are NO Nominations from the floor accepted the day of the

meeting, so if you want to be considered as a candidate for the Board, you must submit your Intent to Run prior to the due date.

• 14 days prior to the Initial Election, a 2nd Notice will be mailed to all
• wners in the Association.

Turnover Process Continued

• The 2nd Notice will list the date, time and place of the meeting as well

as list the names of all of the owners who have submitted their Intent to Run for the Board of Directors.

• If the Candidates submitted an information sheet about themselves,

it will be included in the mailing as well. The information sheet will be reproduced exactly how it was received by the Association and can

• nly be limited to one side of an 8 ½ x 11 inch piece of paper.
• In order to hold the Initial Election Meeting, the Association will need

to achieve a quorum of at least 25% of the total eligible voting units (closed units in good standing) to be present at the meeting either in person or by proxy.

Turnover Process Continued

• If you are unable to attend the Initial Election Meeting please make

sure you send in your proxy that you will receive in the 2nd Notice. Proxies will count your home present towards achieving a quorum as well as allow you to assign your vote to another individual in the Initial Election.

• Voting will only take place the day of the Initial Election meeting.

There will be no voting allowed by Absentee Ballot.

Initial Election Meeting

• At the Initial Election Meeting a quorum of at least 25% of the total

eligible voting units must be present by proxy or in person.

• If a quorum is not achieved, the meeting will be reconvened

(rescheduled) to a later date, the proxies that are received will be held and remain valid for 90 days. The Association will try again at the new rescheduled date to achieve a quorum and hold the Initial Election.

• Please remember it is extremely important to send in your proxy if

you cannot attend the Initial Election Meeting.

Meeting Day

• On the day of the Initial Election, once a quorum is obtained, the

Chairperson conducting the meeting (normally a management company representative) will ask for 2-3 volunteers to assist in the counting of the election ballots.

• Once all of the ballots are cast and the votes are counted, the top five

candidates receiving the most votes will be elected to the Board of Directors for Castellina.

• Once the Board has been elected, the Initial Election Meeting will be

closed and the Board will then hold a separate Board of Directors Organizational Meeting in which the Board members elect the Officer positions on the Board.

Who are my Association Board Members?

• The Initial Resident Board of Directors is elected by votes cast by the
• wners within Castellina. Each home is entitled to one vote per home.

When voting, each owner representative will choose the top five candidates they feel will best represent their interests for the Association.

• Once Elected, the Board Members amongst themselves will select a

Director to become President, Vice President, Secretary, Treasurer and Director at large.

• The Board is charged with overseeing the enforcement of the

Association’s Restrictive Covenants as well as the financial oversight

• f the Association’s assets and expenses.

What Really Happens After Turnover?

• Please be assured, the Developer, Pulte / DiVosta is going no where. They

will be working closely with your new Resident Board along with the Association’s Management Company to ensure a smooth transition.

• Your Association Management Company will ensure that your Board

Members are brought up to speed on all Association business including contracts, financial matters, pending open items, collection issues, etc.

• GRS Management Associates works at the pleasure of the Board and looks

at the relationship as a partnership to ensue we provide the highest level

• f Customer Service for the Board and the members at large.
• Turnover Audit: Paid for by Developer.

What’s Next?

• In an effort to continue to inform the owners in Castellina in the

Turnover process, Pulte / DiVosta and GRS Management will host three more educational seminars. The additional topics included will be as follows:

• Your Association’s Finances: What does your Management Company

do for you?

• Meeting more of Your Association’s Vendors.
• Engineering Study.
• Wrapping it all up. Turnover is here!

Questions?

Thank you for Attending