Joe Kamashian and incumbent Jim Barringham were elected to the 2020/2022 Canyon Lake POA Board of Directors. Kamashian received 1094 votes and Barringham received 1012 votes. Election results were announced today at the Adjourned Annual Meeting.
Kamashian and Barringham were the only two candidates running for the two vacant seats on the board. When the number of director nominees is not more than the number of vacancies to be elected, only associations with 6,000 or more units may elect the nominees by acclamation. With 4,800 units, Canyon Lake cannot elect the nominees by acclamation and must follow through with an election.
The 2020/21 Board of Director officers are President Chris Poland, Vice President Tom Nathan, Treasurer Jeanne O’Dell, Secretary Joe Kamashian, and Director Jim Barringham. The five members of the board are collectively responsible for the management and operation of the POA’s business affairs. Board members are elected by at-large for staggered two-year terms.
The IRS Revenue Rule 70-604 Measure included on this year’s ballot would allow the POA to utilize this IRS ruling to avoid taxation on excess member income. IRS Revenue Ruling 70-604 allows a homeowner association to either refund or rollover excess member income that may inadvertently arise in a given tax year without paying additional taxes on that excess income.
This measure specifically informed members that any excess assessment income over the Canyon Lake POA’s expenses as defined in the Internal Revenue Code (IRC) section 277, for the fiscal year 2020/21 shall be applied against the Canyon Lake POA’s member assessment in the fiscal year 2021/22, as provided by the IRS Revenue Ruling 70-604. The results for this measure were 1,103 in favor and 114 against.
