What is the Annual General Meeting?
The Annual General Meeting (AGM) is a crucial yearly gathering for homeowner associations (HOAs), where all members meet to discuss and review the past year’s activities, plan for the future, and vote on various matters. The AGM is a democratic way for homeowners to express their views, influence the direction of their community, and fulfill their responsibilities as members of the association.
Preparation for the AGM
Preparing for the AGM involves several key steps. First, a date, time, and location should be set for the meeting. These details should be communicated to all members well in advance to ensure maximum attendance. Next, the meeting’s agenda should be prepared. This typically includes approval of previous minutes, financial reports, committee reports, election of board members, and other business matters.
It’s also essential to prepare all necessary documents ahead of time. These may include financial statements, budget proposals, rules and regulations updates, and any other materials relevant to the meeting’s agenda. All these documents should be distributed to the members before the meeting, giving them ample time to review and formulate queries or suggestions.
To ensure order and legality, the association should consult with a legal advisor or property management professional. They can provide guidance on conducting elections, amending bylaws, and dealing with contentious issues that might arise during the meeting.
Conducting the AGM
The meeting should be conducted in a structured, orderly manner, following the predetermined agenda. It’s beneficial to have a chairperson who can guide the discussion and ensure all voices are heard. Minutes should be taken to record decisions and actions agreed upon during the meeting. These minutes are then approved at the next AGM.
