Seabrook Island Property Owners

“The corporation is a homeowners' association consisting of 2,594 residential lots. Owners are automatically granted membership in the association upon purchase of their lot.”

“When a property owner decision is needed, the board of directors prepares and distributes the appropriate referendum to all members for a vote. Prior to the annual meeting of property owners, a three (3) member elections committee consisting of property owners not on the board of directors or nominating committee are appointed by the president to verify and certify the validity of ballots cast, and tabulations of votes cast for elections, on any other matter voted on at such meeting, or ballots in any referendum. The election committee reports its findings to the secretary as soon as practical following a referendum, or the annual meeting, or special meeting at which a vote is taken. Property owners have the exclusive authority to amend and/or repeal bylaws, elect the board of directors and nominating committee, to accept or reject the annual budget, and to approve the borrowing of money and certain other property transactions. A majority of members in good standing must vote in favor of an action in order for it to be approved.”

“Property owners have the exclusive authority to amend and/or repeal bylaws, elect the board of directors and nominating committee, to accept or reject the annual budget, to approve special assessments, and to approve the borrowing of money and certain other property transactions.”

“There are several "subassociations" within the seabrook island property owners association "master" association. Members of these subassociations are also members of the "master and pay annual assessments to both. Each subassociation has its own board of directors and functions 100% independently from the "master" association.”

“Management performed an extensive review. Board members signed a form indicating that they were provided a copy of the form 990, reviewed this form to the best of their abilities, and provided comments to management for resolution.”

“Each year all board members are required to sign a form indicating their understanding of the conflict of interest policy and their compliance with it.”

“The board's executive committee reviews compensation of the top management officials annually. Included in the examination is the review of personnel evaluations and comparison of the employee's salary range to that of similar positions in like organizations.”

“Governing documents, conflict of interest policy, and financial statements are made available to the public on the association's website: www.sipoa.org.”

“Fitness and spa operations: program service expenses 278,879. Management and general expenses 69,720. Fundraising expenses 0. Total expenses 348,599. Utilities: program service expenses 120,552. Management and general expenses 30,138. Fundraising expenses 0. Total expenses 150,690. Federal income tax: program service expenses 116,118. Management and general expenses 29,029. Fundraising expenses 0. Total expenses 145,147. Bad debt expense: program service expenses 61,767. Management and general expenses 15,442. Fundraising expenses 0. Total expenses 77,209. Housekeeping: program service expenses 44,419. Management and general expenses 11,105. Fundraising expenses 0. Total expenses 55,524. Miscellaneous: program service expenses 29,727. Management and general expenses 7,432. Fundraising expenses 0. Total expenses 37,159. Vehicle maintenance & expenses: program service expenses 28,874. Management and general expenses 7,219. Fundraising expenses 0. Total expenses 36,093. State income tax: program service expenses 17,479. Management and general expenses 4,370. Fundraising expenses 0. Total expenses 21,849. Dues & subscriptions: program service expenses 7,860. Management and general expenses 1,965. Fundraising expenses 0. Total expenses 9,825. Training: program service expenses 6,899. Management and general expenses 1,725. Fundraising expenses 0. Total expenses 8,624. Printing & publications: program service expenses 5,940. Management and general expenses 1,485. Fundraising expenses 0. Total expenses 7,425. Bank charges: program service expenses 3,378. Management and general expenses 844. Fundraising expenses 0. Total expenses 4,222. Postage & shipping: program service expenses 2,446. Management and general expenses 611. Fundraising expenses 0. Total expenses 3,057. Pest control: program service expenses 1,540. Management and general expenses 385. Fundraising expenses 0. Total expenses 1,925.”

“The process has not changed since the prior year.”