Homeowners’ associations are non-profit corporations created to help preserve property values through the use of architectural controls, design guidelines and deed restrictions. Additionally, associations provide for the shared ownership and maintenance of common areas and community facilities. Assessments are charged to owners for the maintenance and upkeep of these common areas and amenities.
The Board of Directors is established in the Declaration of Covenants, Conditions and Restrictions to act as the governing body responsible for making decisions, establishing policies, enforcing rules and regulations and deed and use restrictions and is responsible for the collection of assessments.
The association’s Bylaws set the guidelines for when Annual meetings and Board meetings are to be held. The Annual Meeting is held in the 4th quarter of the year and regular Board meetings are held on an as needed basis. The notice for the Annual meeting is mailed out to all Association Members to the address as it appears on the records of the association, not less than 10 nor more than 50 days before the date of the meeting. Regular Board meetings are held on an as needed basis. To receive notice for Board meetings you will need to register your e-mail by submitting request to email@example.com in accordance to the Resolution of the Board of Directors, E-Mail Registry for Members.
The assessments paid are used to operate the association’s business. The “common areas” owned by the association must be maintained, so vendors are hired to maintain the landscaping and other amenities. The association carries general liability, property and Director’s/Officer’s liability insurance to protect the association’s assets and Board of Directors. In addition, the association pays staff and management fees for collection of assessments and to make sure that the standards of the community are maintained. The association also plans to set aside funds for future repair and replacement of the association capital assets which is set forth in the Reserve Study that is performed and updated every 3-5 years.
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