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There are currently multiple online elections occurring for this community. Please select the election for which you want to submit a vote:
There are currently multiple online elections occurring for this community. Please select the election for which you want to submit a vote:
Each year the Association annual budget is prepared to meet the financials needs of the community during the year. In some cases, there may be a small surplus of funds that could be rolled into the following year to help offset future assessment increases. Revenue Ruling 70-604 is a tax ruling only. The purpose of this ruling is to allow an association to avoid taxation on any excess interest income (as defined in the Internal Revenue Code) that may inadvertently arise in a given tax year. The ruling states that the members of the Association meet to make the election. The ruling applies to any excess interest income. The ruling allows two options only; (1) refund the excess interest income to the members or (2) apply the excess to the following years assessments. The Board of Directors has determined that it is impractical to attempt to refund the excess interest income because of the administrative issues involved and the fact that the excess interest income may be needed as working capital to pay for continuing Association operating expenses. Therefore, the Board of Directors request that you approve an election under Revenue Ruling 70-604 to apply any excess interest income to the following years assessments. This does not mean that the assessments for next year will be reduced. Since expenses typically rise year-to-year, it is probable that any excess interest income will be absorbed by an increase in expenditure. Your failure to approve this election may mean that the Association will be subject to additional federal income taxes for the current year which will cause a rise in assessments for all members.
Click the "Start" button to begin filling out your ballot!
Please enter your 9-digit registration code below. Then click "Next".
This is where we will put verbiage for cumulative, weighted voting, secret ballots, and other general ballot guidance.
Please review your selections. If they are correct, then click "Submit My Ballot". If they are incorrect, then click "Change Selection(s)".
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