Paseo Del Sol Master Association

“Daily operations are managed by an independent, professional management company. The management company acts as an agent for the corporation. The board of directors appoints and supervises those who are responsible for the daily activities. The board of directors governs the organization in its pursuit of the corporation's charitable mission, and board members also carry legal and ethical responsibilities because they hold the nonprofit's assets in trust for the public. Furthermore, board members have a legal duty of loyalty to the corporation and must abstain from voting on matters in which they have a conflict of interest.”

“A member of the association would generally be a subscriber to the corporation's memorandum of association (articles of incorporation) with the member's name entered in the corporation's register of members when the firm is registered (or incorporated). Owners automatically become members of the association.”

“The corporation is structured to have members who have the right to elect directors of the corporation. During each year, the corporation holds an annual elections meeting where the association members elect the board members for the next year. The specific method of the board's election process is formally set in the corporation's organizational documents.”

“An organization's governing documents dictate the various resolutions that require membership approval. The bylaws specify when board meetings must be held and how many board members must be present to pass official business matters via vote. The association complies with all state requirements for community interest developments regarding membership approval.”

“The form 990 and other required state income tax returns are prepared by an independent certified public accountant as part of the review process. These income tax returns are then provided to the board of directors for review and signature authorization prior to their filing.”

“A conflict of interest statement is signed by the board members when they join the board of directors, and this statement is updated for any changes when necessary.”

“The corporation's articles of incorporation are available to the public on the state of california's secretary of state website. Other governing documents are available upon request.”

“The association is a master planned community. It achieves the goals of maintaining and preserving the community's common areas via volunteer committees, forums and an outside management company.”

“Transfer to contract liabilities -220,000”