The Annual General Meeting(AGM). It is singularly the most awaited and most important event for any apartment complex or housing society. So what is this annual general meeting?
Every apartment complex or housing society with a registered Residents’ Welfare Association are duty bound to conduct the annual general meeting. It’s a meeting comprising every member of the management committee and every original member of the community. In the absence of an original member, an associate member can attend the same. The associate member must present an NOC from the original member. The annual general meeting(AGM) is significant since it is an assessment of the work done by the RWA and the proposal of plans for the community in the upcoming year. Please remember to not conduct the meeting in the absence of a requisite quorum.
Some key agendas of Annual General Meeting in apartment complexes and housing societies are : revision of minutes from the last AGM, expenditure and savings of outgoing year, budget of the coming year and proposals of steps to be taken in the coming year.
With apartments and housing societies across the country gearing up for the AGM, here are a few pointers that could make their way to your agenda.
Table of Contents
Introductions
There is no guarantee the RWA of the previous year will continue to be in office. It is the duty of the outgoing Secretary to introduce the new managing committee or RWA to the residents. Committees can be formed to ease the work pressure on the managing committee. Each MC member can be in charge of varying aspects, like garden and playground, cultural events, plumbing and civil maintenance, etc.
Minutes of the last AGM
An Annual General Meeting(AGM) usually start with the Chairperson or President’s welcome note and introductory speech setting the tone of the meet. Oftentimes, the keynote address is skipped. Ideally residents are to be informed of the date, time, venue and a rough draft of the agenda of the meeting prior to the actual meeting. The agenda is a printed copy of the intended keynote speech as well as last year’s accounts, the approaching year’s budget, property transfers (if any), etc.
The minutes of the preceding AGM are a significant point of discussion. The President or the Secretary reads them out in the meeting. It helps the residents to gauge the success rate of proposed initiatives and what plans should be carried over to the next year. Discussing the minutes also promotes transparency and accountability of the managing committee to the rest of the members of the community.
Money Matters
A gated community has anywhere above a 100 units with facilities like swimming pool, common garden, playground, community halls and so forth. Needless to mention, these need a steady flow of income to be managed. Maintenance dues is the biggest source of income for any apartment complex or housing society. Gated communities deal with sizeable amounts each quarter. This amount often run into several lakhs in the course of a year. It is paramount to keep a detailed record of this income and expense.
The income of an apartment complex or housing society goes into maintaining the common area, playgrounds and other facilities. Community staff and common bills are paid from this collected amount. Other prime expenditures include AMC of elevators, repairing and maintenance of plumbing and civil constructions.
The residents are within their rights to know how much maintenance dues have been collected and how they have been spent within the course of the year. They are entitled to know the savings made on the collected dues. Alongwith the presentation of last year’s books, the budget of the present year must also be discussed.
All essential financial matters are to be discussed in this meeting. Proposals to take on big investments, like installation of solar power or rainwater harvesting or gardening shredder are to be discussed during this time. The Annual General Meeting(AGM) is the perfect event to brainstorm on revenue augmentation, leading to better living standards within the community.
Initiatives of The Year
Stagnation is not healthy for any society that wants to live the best possible life. The members of the society are equally responsible to work towards the objective of transforming their apartment complex to a sustainable living community. An AGM must always have initiatives as a part of its agenda. These initiatives can range from the seemingly small to the eye popping large. Removing sandpits to ensure the safety of children in the playground may sound like a minor initiative, but has long standing positive impacts. Inculcating a habit of taking initiatives as a community spirit, will foster a healthy hunger for betterment of living standards. Small initiatives pave the way for bigger enterprise.
The Annual General Meeting is the perfect gathering to discuss on community betterment projects then and there and speed up execution.
Because Things To Discuss In A Meeting Are Unlimited
Apart from the must haves in your Annual General Meeting agenda, let us not forget vital points to keep in mind.
- Residents attending the meeting must be allowed and time earmarked to listen to what they have to say. They will inevitably come up with issues that need discussion. They may also come up with steps to be taken for overall benefit, like installation of water purification or water treatment plant.
- Residents are to be informed of all property handovers in the community. They are also to be informed of the reason for such a transfer, like, by sale, gift or inheritance.
- Any change in community staff are also to be intimated to the residents.
- Ensuring the minutes of the meeting are taken down in details, typed out and sent to all residents.
An annual general meeting is successful only when the management committee makes it a point to inform all residents about the meeting. ADDA users can easily coordinate meetings and documents through just a click in the app. Utilise the meeting time to chart out the perfect development roadmap for your gated community. Make your AGM a success.
Also, read How to conduct Annual General Meeting of your Housing Society?