TAKE NOTICE THAT Ocean Pines Board Director Pat Supik will make a motion on Saturday, Jan. 27 at the Regular Board Meeting to authorize the General Manager to temporarily use Reserve Funds as needed to pay Operating Expenses until receipt of Fiscal Year 2019’s assessment payments in March.
BACKGROUND: Ocean Pines does not have an Operating Reserve. There was a $300,000 plus loss in the Fiscal year ended April 30, 2017 and there is a projected loss in excess of $500,000 for the fiscal year ended April 30, 2018. By Resolution a supermajority of the Board must approve the use of Reserve Funds for operating expenses.
According to the By-Laws of the Ocean Pines Association, Reserve Funds shall not be expended or transferred for purposes other than those for which the fund was established unless approved by a two-thirds majority vote of the entire Board at a regular or special meeting after notice of the proposed expenditure or transfer.