Board Should Call a Special Board Meeting

The Summit HOA's Board of Directors should immediately announce a Special-Called Board Meeting and make it open to the Membership. It should not be a closed, private, secret meeting. Documentation in the form published Minutes should promptly be published on the HOA's website (within days of the Meeting, not weeks).

The topics? The annuity that is shown on the January 31, 2026 Balance Sheet and the $126,351.61 that was apparently withdrawn from savings or money market to pay for it.

Who is named as the Annuitant? I've heard one name mentioned. Why would it be anyone else?

There are probably 25 questions that should be asked and answered. Some of them are listed here. The HOA should be brutally honest (transparent) with the Members.

It is the Board of Directors (Bryant, Lummel, Potter, Turley-Moore, Holmes, Hill, Weatherbee) who must ask these questions without flinching. Five of them were on the Board that was sitting when the transactions took place, assuming the transactions happened before the November 18, 2025 Board election. Did all five know? Did only some of the five know?

Why is there no record in the Minutes about these transactions?

Why does the January 31, 2026 Balance Sheet (Line 1050) read "BOD - SC Federal Credit Union Annuity 06.2029 (Unreconciled)"? Did a financial advisor of SC FCU sell the annuity to the HOA?

To me, that indicates that the BOD (Board of Directors) is the titled Owner of the investment and that SC Federal Credit Union is the issuer. Why would the BOD be the Owner? Shouldn't the Association be the Owner?

What is today's Actual Cash Value (net of all surrender charges)? Members, that's what the $126,351.61 is worth today!

Comments

  1. A ErvinMarch 11, 2026 at 3:57 PM

    Can minutes be published prior to being approved?

    ReplyDelete
    Replies
    1. GusMarch 11, 2026 at 10:36 PM

      A Draft of Minutes could be published prior to being approved. Current procedure seems to be to circulate a draft to Board Members and then publish them after allowing time for corrections. Presumably, published Minutes have been reviewed and approved by Board Members. At Board Meetings all they do is approve them, regardless of remaining errors, omissions, corrections needed,, missing information, or clarification needed. No Minutes of pre-board meetings, workshops, or Special Board Meetings are ever published. No Minutes of Annual Meeting of Voting Members (AMVM) exist, so there is no record of who attended, whether they were legitimate, duly-elected Voting Members, who conducted the AMVM, who the candidates were, who was elected. Pretty sloppy, eh?

      Delete

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