Definition
The once-a-year membership meeting where owners typically elect the board, review finances, and vote on major matters.
The annual meeting is the primary membership meeting of the year, required by most bylaws. It's where the community gathers to conduct the business that requires owner participation.
What usually happens
- Election of board members.
- Review of the budget and financial position.
- Votes on any matters requiring member approval.
Annual meetings require proper advance notice and a quorum to be valid. Low turnout that misses quorum is a common problem, which is why easy participation and advance proxies matter so much.