The Canyon Lake POA Board of Directors on Tuesday approved three measures to be included on the 2024 Annual Meeting of the Members and Election of Directors’ ballot.
Measure l allows associations to avoid a tax consequence on any inadvertent excess member income that is applied to the following fiscal year assessment when filing a tax return Federal Form 1120. The proposed IRS Ballot Measure is considered an annual industry standard to allow for clear tax filing authorization, should the board decide to apply excess income to the following year’s assessment. Though the association recognizes three options for the application of excess income, ((1) refund to the membership, (2) apply to the following year’s assessments/operational budget or (3) apply to the reserves); this ballot measure only pertains to the option of applying excess income to the following year’s assessment.
Measure II restricts the POA from selling any common areas without the approval of the owners, constituting a quorum, casting a majority of votes in the affirmative at a meeting or election of the Association conducted in accordance with California law and Canyon Lake POA governing documents. This limitation on the board’s ability to sell common areas does not apply to any real property acquired by POA through foreclosure or satisfaction of any debt.
Measure III would extend future board director terms to one four-year term with a two-year waiting period before that director can be a candidate for the office of director.
