Section 4. Assessment Surplus

FCHOA Bylaws - Revision Date: 2022-05-20

In order to protect the right of the Association to allocate the surplus, if any, from one fiscal year to reduce the operating budget of the next fiscal year, as permitted by Federal tax regulations, each year the Board shall conduct a vote of the Members at the Annual Meeting of the Association to authorize such rollover. A majority of the Members voting, in person, by proxy, or by electronic or mailed-in ballot as permitted by the Board, shall be required to affirm the resolution, provided a quorum is present.