The meeting to clarify the proposed amendment to the By-laws has been scheduled for Tuesday of this week:
Tuesday, March 5th @ 7:00
We all should have received in the mail a ballot to vote on the Sixth Amendment to the Master Deed. This amendment would permit the Board of Directors to invest in accounts that are insured by the Securities Investor Protection Corporation (SIPC). For those who are not aware of this organization, much like the FDIC, the Securities Investor Protection Corporation (SIPC) protects customers if their brokerage firm fails. While Brokerage firm failures are rare, if it happens, SIPC protects the securities and cash in your brokerage account up to $500,000. The $500,000 protection includes up to $250,000 protection for cash in your account to buy securities.This would provide greater flexibility in investing the Association’s funds, with little if any increase in risk, thus providing the Board with access to better rates and yields on those investment. With the substantial funds being held in our Reserve Accounts, even a slight increase in yield can amount to substantial gains to the association. It is important to note that the investments would still be limited to certificates or instruments that are fully insured or backed by the full faith and credit of the United States Government.
The scheduled meeting is designed to answer your questions or address your concerns. Please return your Ballot to any Board Member at that meeting or you can mail the ballot to:
Attn: Helene Haratsaris
41486 Wilcox Road, Suite 1,
Plymouth, MI 48170