The following Opt-Out ballot FAQ is from Dan Wilcox, Shadowood Greenways Association Treasurer:
What is the Opt out for?
ORS 94.670 is the Oregon statute that sets out the financial and record‑keeping obligations for homeowners associations (HOAs).
Why do we need this?
If an association has assessments (dues) totaling $75,000 or more, we are responsible for getting our financial reports reviewed by an independent certified public accountant (CPA) or hold a vote where 60% of our owners choose to ‘opt out’ of said review. The Shadowood assessments are $87,000.00 for 87 units.
What is Shadowood HOA’s process?
Shadowood already utilizes Mckenzie Duncan Johns CPA’s in Mcminnville for all our financial dealings. We also require two signatures on every check distributed from HOA accounts.
If we were not able to reach the 60% opt out ballot count we would be required to hire an accountant to review our accountant Mckenzie Duncan Johns. This would be an unnecessary expenditure of HOA funds of $2,000.00 or more from HOA dues money.
How can we reach the 60%?
If you select the first box on the ballot “in favor of Opting Out” and return it to the secretary either in person or via email to rjrptr@comcast.net prior to October 1, we will reach the required percentage to avoid hiring an outside firm. We also did this the past two years.
We have written to the Oregon Legislature and asked that they review raising the amount from $75,000.00 so we can avoid this process in the future. We are on the schedule for 2027 or 2028 for them to review.