Four Midtown Homeowners
Brought to you by Homeowners
Monthly Newsletter
Vol.1
Sep. 1, 2023
"This is the best time to push forward. Together, I believe we can do it."
– Homeowner
Two Months in Summary
90
+
Unit owners AND ACTIVE MEMBERS On WhatsApp
- Over ninety owners are active members of the Homeowners Group Chat on WhatsApp.
- Three homeowner-hosted and co-hosted meetings to date.
- Thousands of pages of financial and public records reviewed and analyzed to date.
- One DBPR case has reached the Office of General Counsel (OGC) – last instance until final determination.
- More online and in-person meetings on the way to foster community, raise awareness and unite efforts to bring change.
Financial Deep Dive Meeting Highlights
Current State of Affairs
Common concerns surrounding the building's financial position and operational (mis) management have led unit owners to question the current administration and the role the Board has (and had) played in it.
What History and Records Show
- Repeat Board members since 2015 and decreasing representation of resident-owners.
- Four different management companies in 5 years resulted in delayed disclosures and a combination of bookkeeping and reporting inconsistencies. All reflective of lack of accuracy and expertise, from both the Board and management.
- Budget deficit increases year over year. This year alone, we're on track to hit a record high deficit as the building continues to operate on negative cash flow (-$91K in July alone).
- Reserves and settlement funds (including $2.3M from a developer settlement in 2020) used to cover budgetary gaps and finance special projects – all bundled as capital improvements.
The Future Calls for Change
The punch list is long, but we sure know where to start:
- Introducing accuracy to budgeting and reporting practices.
- Reassessing annual budget, reserve spendings and funding to prepare for upcoming insurance appraisal and market rate increases.
- Reinstating sub-committees to enforce accountability.
- Increasing Board member count to a total of 5 will allow for diverse expertise, community involvement and representation.
- Reevaluating, updating and amending governing documents.
Are you willing to take on the challenge?
Let yourself be known. Homeowners are invited to join the Homeowners Group Chat and upcoming meetings to collaborate on initiatives for the betterment of our building and community.
What the Bylaws Say About Roles and Responsibilities of the Board
Board Roles and Duties
- President: Holds all the powers and duties that are usually vested in the chief executive officer of an association.
- Vice President: Assists the President and perform duties in absence of President.
- Treasurer: Holds custody of funds, securities and evidences of indebtedness. Keeps books of Association accounts. Treasurer report should be submitted to Board at reasonable intervals.
- Secretary: Keeps minutes of all proceedings, provides notices, keeps custody of the association seal, and keeps records of the Association (except of the Treasurer).
The Board of Directors from time to time shall elect other officers and designate their powers and duties as the Board shall deem necessary or appropriate to manage the affairs of the Association. Officers, must be unit owners (or authorized representatives of corporate/partnership/trust unit owners).
Some Key Responsibilities of the Board
- Determining the expenses required for building operations.
- Employing and terminating maintenance & operations personnel.
- Adopting and amending rules and regulations of condo and association.
- Maintaining bank accounts and records on behalf of the association.
- Obtaining and reviewing insurance policy and costs.
- Approving repairs, additions or improvement to building.
- Enforcing obligations of unit owners, allocating revenue and expenses.
- Levying fines for violation of rules and regulations.
- Borrowing money on behalf of the association or condo, with connection to operation, care, upkeep/maintenance of the building. Consent of at least 2/3 Owners must be represented at quorum that would cause total indebtedness greater than $250k.
- Hiring and firing management company to assist the Board.
- Board retains power to make assessments, execution of contacts and promulgation of rules.
Community Building
In an effort to promote transparency and inclusion, we propose increasing the frequency of meetings from once a year to monthly. Meetings can be conducted in-person and/or online.
Community Building
In an effort to promote transparency and inclusion, we propose increasing the frequency of meetings from once a year to monthly. Meetings can be conducted in-person and/or online.
As we envision a more positive future for Four Midtown, homeowners have come together to outline some key objectives for fostering community and setting new precedents for the Future Board. Regardless of whether these expectations are currently in motion, the responsibility rests with owners and residents to join forces and bring about the changes we collectively want to see.
Future Vision of the Board
Sub-committees
Enforce accountability and provide guidance by leveraging the expertise of owners and residents, and offering counsel to the board on a range of topics including engineering, facility operations, security, technology, real estate, customer service, community events, and more.
Expectations for Board Candidates
Ownership and Residency: Candidates should be owners and full-time residents, actively participating in the building's community life.
Board Candidate Vetting: Adopt background checks for Board candidates to minimize (or eliminate) conflicting precedents. Candidates must consent to undergo a background check.
Field Experience: Candidates are expected to bring both diverse and relevant field expertise. For instance, the Treasurer should possess accounting or auditing skills.
Conflict of Interest: Candidates are expected to have no conflicting interests. This includes not being an owner/shareholder of a company conducting business with the association, and having no ongoing or prior litigation with the association (such as liens or lawsuits).
Voluntary Commitment: Candidates should commit to serving for one year without compensation.
What to Expect Leading to Election Day
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From homeowners group
From Association
Not less than 60 days prior to the election, the first notice must be mailed or emailed to owners.
Not less than 40 days prior to the election, candidates must give the association written notice of their intent to run for the board along with the candidate information sheet.
Not earlier than 35 days or later than 14 days before the election date, the association must mail or deliver a second notice that includes: ballots, envelopes and candidate information sheets.
1st Meet & Greet
Homeowners Mixer
"Meet the Candidates" Meeting
(In-person or Virtual)
Collect owners' signatures for
Ombudsman Petition
Submit owner-signed
Petition to Ombudsman Office
Bi-weekly
Homeowners Meetings
(In-person or Virtual)
Year-end
Homeowners Meeting before Election Day
ELECTION DAY
Your Vote is Your Choice
Choosing to vote is more than just exercising your right as an owner. Your vote is also your responsibility and a means to being a part of the decision making and solutions that will shape the future of your family's asset or investment. Owners are encouraged to attend the annual meeting and vote in person rather than online. Each vote counts.
Unit Owner IDENTIFIES AS | Voting Validation Criteria | Number of Valid Votes |
An individual who owns a single unit | Your voting ballot must be signed by you for it to be considered valid. Unit owners unable to attend the annual meeting in person, are encouraged to assign a representative and file a proxy with the Association’s management office prior to the annual meeting (election day). Once the proxy is filed, you can then hand over your signed ballot in a sealed envelope to your proxy holder so that they can deliver it in person at the annual meeting. Proxies are only valid for a specific meeting and up to 90 days past the date of signing. | ONE VOTE |
Multiple owners (ex.: spouses, family members) who own a single unit | Your voting ballot must be signed by the person entitled to cast the vote on behalf of ALL owners to be valid. A voting certificate is also required and must be on file with the Association's management office. No voting certificate on file = no valid vote. | ONE VOTE |
Corporations, Trusts or Estates that own a single unit | Your voting ballot must be signed by the person entitled to cast the vote on behalf of the entity to be valid. A voting certificate is also required and must be on file with the Association's management office. No voting certificate on file = no valid vote. | ONE VOTE |
Multi-unit owners | Refer to validation criteria field that corresponds to identification of multi-unit owners (individuals, multiple owners or entities). | ONE VOTE PER UNIT |
Keywords and Key Documents Owners Should Know
Ballot package: It must be sent to unit owners by mail or hand-delivery no later than 14 days before the election date, along with the second notice. The package must include the voting ballots, candidate information sheets, as well as both the inner and outer envelopes.
Proxy: Unit owners unable to attend the annual meeting in person are encouraged to execute and file a proxy with the Association's management office prior to election day. A proxy grants the unit owner’s representative the authority to attend the annual meeting on their behalf and hand deliver their sealed ballot envelope in person on election day. Proxies are only effective for a specific meeting and up to 90 days from execution. A proxy shall be revocable at any time at the discretion of the unit owner(s).
Voting Certificate: A required document if a unit is owned by more than one person, a corporation, or another entity.
Ombudsman Petition: A petition to the ombudsman office is required to appoint an election monitor for the purpose of attending the annual meeting and conducting the election of directors. To file a petition, 15% of unit owner signatures are required. The ombudsman shall appoint a division employee, a person or persons specializing in condominium election monitoring, or an attorney licensed to practice in this state as the election monitor. All costs associated with the election monitoring process shall be paid by the association. The division shall adopt a rule establishing procedures for the appointment of election monitors and the scope and extent of the monitor’s role in the election process.