August 11, 2021
DRIFTWOOD SANDS CONDOMINIUM ASSOCIATION, INC.
SPECIAL MEMBERSHIP MEETING NOTICE
Dear Driftwood Sands Condominium Unit Owner,
NOTICE IS HEREBY GIVEN of a Special Membership Meeting of the Driftwood Sands Condominium
Association, Inc. to be held on the following date, time and place:
DATE OF MEETING:
September 10, 2021
TIME OF MEETING:
PLACE OF MEETING:
Online — Driftwood Sands Website
The purpose of the Special Membership Meeting is to vote on amending the Bylaws and budget related
issues listed below.
Enclosed please find a proxy for use in voting the issues in the event you are unable to attend the meeting.
With regard to the proxy, there are two (2) voting issues to be considered, an explanation of which is
1. Amendment of Section 9.1 Paragraph (a), Subparagraph (i} of the Bylaws: The Proposed Amendment
allows the Annual Meeting of the Membership to be convened immediately following the adjournment of
the Budget Meeting. If you agree with the Board's recommendation, then you should vote FOR the
Amendment of the Bylaws.
2. Pooled Reserve Full Funding: In discussing the 2022 proposed budget, the Board of Directors examined
both fully funding the reserves using the traditional “component funding” method and fully funding the
reserves using the “pooled” or “cash flow” method. It was their decision that the Association fully fund
the 2022 reserves using the “pooled” reserve method. This means the Association may have a single
source of funds to pay for multiple categories of reserve expenses. The pooled account is still restricted
in that it is limited in use for the items specified in the pooled reserve schedule. The pooled reserve
funding method is considerably less costly than the component reserve funding method. The Board is
recommending you vote in favor of transferring the existing component reserve funds into the pooled
reserve. If you agree with the Board's recommendation, then you should vote FOR to transfer the existing