SOA Budget Ratification Meeting

The Somersett Owners Association (SOA) has notified homeowners that ratification of the 2019 operating and reserve budgets will not occur at the November 19th Annual SOA Members Meeting as originally planned. A separate meeting for the purpose of ratification has been scheduled for 5:30 PM on Wednesday, November 28th at The Club at Town Center. This leaves the election of Board members as the only agenda item for the November 19th meeting. That is, except for a “Homeowner Open Forum” item as required for all SOA open meetings.

So why the deviation from the norm in not accomplishing both at the annual member meeting? Most likely the SOA messed up in not providing a summary of the proposed budget to all members at least 14 days prior to the ratification meeting as required by Nevada Law (Ref: NRS 116.31151). If this is the case, then they did the right thing in rescheduling for a later date (not to excuse their mistake) . Any impact on members? Not really, except for having to attend two meetings instead of one for those interested in doing so.

Bear in mind that the budget ratification process in merely a formality. That is, under Nevada Law it would require at least a majority (or 75% per the SOA CC&R’s) of all SOA members present at the ratification meeting to reject it. As stated in a previous post, an impossible task.

So why go to the Budget Ratification Meeting? Only if you still want to vote against ratification knowing the outcome, or espouse on a topic during the Homeowner Open Forum period. Otherwise no reason to attend!