Proposed By-Law Changes

It is standard practice for non-profit organizations and homeowner and condominium associations to have their financial records reviewed by independent members or audited by an independent accountant. The proposed by-law changes will bring this best practice to our organizations. The changes will increase the transparency of community finances and increase the accountability of the Boards to the Members of the Association and Shareholders of Lakeshore. The Board asks you to support the proposed changes.

By-law change for the Association

Article IX, Section D

The Board is required to have a financial review of the books and records relating to finances for each fiscal year to be competed each year by June 30th of the following calendar year by a public accountant or a review committee of Members (Review Committee). The nature and scope of the review will be at the discretion of the Review Committee, but shall be sufficient to reasonably verify that all Member dues, assessments, monies, and disbursements are properly accounted for. The Review Committee will consist of two or more non Board Members who will be appointed annually by the Board. The Review Committee, at its discretion, may require the Board to retain a licensed public accountant to conduct a review or provide assistance as needed. The Review Committee or licensed public accountant shall communicate the results of each review to the Board not later than September 30th noting the scope and procedures followed and results obtained. The Review shall also be posted on the community web site.

By-Law change for Lakeshore

(The language is the same as the Association except "Member" is replaced by "Shareholder" and replaces existing language of Article XXV.)

Article XXV. Examination of Books and Records

The Board is required to have a financial review of the books and records relating to finances for each fiscal year to be competed each year by June 30th of the following calendar year by a public accountant or a review committee of Shareholders (Review Committee). The nature and scope of the review will be at the discretion of the Review Committee, but shall be sufficient to reasonably verify that all Member dues, assessments, monies, and disbursements are properly accounted for. The Review Committee will consist of two or more non Board Members who will be appointed annually by the Board. The Review Committee, at its discretion, may require the Board to retain a licensed public accountant to conduct a review or provide assistance as needed. The Review Committee or licensed public accountant shall communicate the results of each review to the Board not later than September 30th noting the scope and procedures followed and results obtained. The Review shall also be posted on the community web site.