An annual meeting is an important event for any homeowner association (HOA) board. It’s a time to review the previous year’s activities and accomplishments, discuss plans for the upcoming year and provide an opportunity for members to voice their concerns and provide feedback. The HOA board has a responsibility to provide transparent and comprehensive information to members during this meeting. In this article, we will discuss what information an HOA board should share with its members at the annual meeting.
Financial update: One of the most important pieces of information to share at an HOA annual meeting is the financial report. This should include a detailed breakdown of the association’s income and expenses, including any outstanding debts, and how the funds were allocated over the past year. Members should be able to see how their dues and other fees were spent and have a clear understanding of the financial health of the association.
Planned projects: The annual meeting is a great time to discuss any planned projects for the upcoming year. This can include things like landscaping improvements, building repairs, or any other major initiatives that will require funding or member involvement. Members should have an opportunity to provide feedback and suggestions for these projects and should be informed about the timeline and expected costs.
Goals for the upcoming year: In addition to discussing planned projects, the HOA board should share its goals for the upcoming year. These can be specific objectives such as reducing expenses, increasing member participation, or improving communication channels. Sharing these goals with members can help align their expectations with the board’s priorities and build support for future initiatives.
Board member election results: If there are any board member elections during the annual meeting, the results should be announced and discussed. Members should be informed about who was elected to the board, what their responsibilities are, and how they were chosen. This can help build trust and transparency within the association.
Community achievements: It’s important to acknowledge the community’s achievements during the annual meeting. This can include things like successful events, volunteer efforts, or any other accomplishments that members can be proud of. Recognizing these achievements can help foster a sense of community and encourage further involvement.
Legal updates: The HOA board should inform members of any legal updates or changes that may affect the HOA. These can include changes to state or federal regulations, new laws, or legal disputes that the HOA is involved in (where appropriate to share). Keeping members informed about legal updates can help them understand how it may affect the HOA and their property.
Governance: Members should be given an update on any changes to the HOA’s governance documents, such as the bylaws, covenants, and rules and regulations. These documents are the foundation of the association and members should understand any updates or revisions that have been made.
Communication channels: The HOA board should discuss the various communication channels available to members, such as newsletters, websites, or social media platforms. Providing information about these channels can help members stay informed and engaged with the HOA’s activities and initiatives, as well as provide a means for members to provide feedback and stay connected with the board and other members.
Open forum: The annual meeting should also include an open forum where members can voice their concerns, ask questions, and provide feedback to the board. This is an opportunity for the board to listen to members’ concerns and address any issues that may have arisen during the previous year.
The annual meeting is a crucial event for any HOA board to communicate with its members. It provides an opportunity to review the previous year’s activities and achievements, discuss upcoming projects, and address any concerns or issues raised by members. By sharing transparent and comprehensive information with members, the board can build trust and support within the community, and work towards achieving its goals for the upcoming year.