Lake Holiday Property Owners'

“The organization has members who have the right to: elect members of the governing body or their delegates, approve significant decisions, such as, approve a budget each year by majority vote and have the right to change the restrictive covenants this requires 2/3's affirmative vote. Members may also vote on changing the by-laws. In regards to the members having a right to receive a share of the organization's profits, excess dues, or net assets upon the organization's dissolution, the association will follow illinois not for profit corporation act at that time.”

“The members of the governing body are elected. If the number of candidates doesn't exceed the number of vacancies on the board, those candidates will be declared elected. If the number of candidates exceeds the number of vacancies, within 30 days thereafter, the secretary of the association shall mail to each member of the association a ballot containing the names of each candidate, together with a statement of candidacy of each. Within 30 days thereafter,the polls will be closed and a committee of impartial tellers (appointed by the board) will count the the ballots and submit a certified report signed by all tellers to the board of directors.”

“As dictated by governing documents. Members in good standing are entitled to attend and vote at all meetings of the association. Members vote on any changes to or new by-laws proposed by the board of directors.”

“The treasurer is given a copy of the final audit report for review prior to receiving the 990 for review and signature. Treasurer reviews and signs the 990; the 990 is made available to all directors.”

“The conflict of interest policy covers the association's officers, directors, general manager, and treasurer. These individuals are required to review this policy at least annually and they are mandated to immediately report to the president any actual or perceived conflict of interest as it occurs. The president will determine whether to: (a) take no action; (b) assure full disclosure to the bod and other individuals covered by this policy; (c) ask the person to refuse from participation in related discussions or decisions within the association; or (d) ask the person to resign from his or her position in the association or if the person refuses to resign, become subject to possible removal in accordance with the association's removal procedures. The association's general manager and treasurer will assist the president in monitoring transactions for compliance.”

“The top management official (general manager) is under contract and compensation is reviewed annually by the board of directors of the association. The directors & officers of the association receive a meeting stipend that is determined by the board of directors. Other officers and/or key employees - the board of directors approves all salary rates for all employees each year. When data is available, salary rates are compared to those of other property owners associations.”

“Governing documents are given to each new member and are also available upon request for inspection at the associaton office during normal business hours. Conflict of interest policy is available upon request. Monthly financial reports are given at each board of directors meeting and published in the association newspaper, which is mailed to all members monthly.”

“The organization's oversight and selection processes for the audit and independent accountant have not changed from the prior year.”