We understand that it can be difficult to understand the terminology of an association and this is why we have provided you with some of the key terminologies that make up an Association.
Property Manager Responsibilities
- Advise the Board of Directors.
- Exercise diligence in performing duties on the Board of Director’s behalf.
- Oversee financial activities covered by the Management Agreement.
- Perform on site inspections covered by the Management Agreement.
- Solicit and evaluate bids for association services covered by the Management Agreement.
- Supervise maintenance activities and contractor performance covered by Management Agreement and/or opted for by Board of Director’s.
- Know and abide by the governing documents of the Association.
- Receive and respond in a timely manner to communication from Owners and vendors.
- Provide communication with Owners on general events and issues specific to Owners.;
Board of Directors Responsibilities
- Prepare and approve an annual budget with the assistance of the Property Manager.
- Make assessments against Unit Owners to defray the common expenses of the Association with the assistance of the Property Manager.
- Provide for operation, care and upkeep and maintenance of the Property and services of the Association.
- Designate, hire and dismiss the personnel necessary for management, maintenance, operation, repair and replacement of the common elements.
- Direct the Property Manager to collect the assessments against the Unit Owners, deposit the proceeds thereof in bank depositories designated.
- Make and amend the Rules and Regulations applicable to the Unit Owners.
- Open bank accounts on the behalf of the Association and designate the signatories.
- Make, or contract the making of, repairs, additions and improvements to or alterations of the common elements.
- Determine whether to take enforcement action by exercising the Association’s power to impose sanctions or commence an action for a violation of the Declaration, Bylaws, Rules and Regulations and law.
- Obtain and carry fidelity insurance and insurance against casualties and liabilities, as provided in the Declaration and Bylaws.
- Pay the cost of authorized services rendered to the Association.
- Keep books with detailed accounts in chronological order of the receipts and expenditures affecting the Property, and the administration of the Association, the common elements and any other expenses incurred.
The President shall be the chief executive officer of the Association, preside at all meetings of the Association and the Board of Directors, and have all of the general powers and duties which are incident to the office of president generally including, without limitation, the power to appoint committees from among the Unit Owners from time to time as the President may in their discretion decide is appropriate to assist in the conduct of the affairs of the Association.
Vice President –
The Vice President shall take the place of the President and perform the duties of the President whenever the President shall be absent or unable to act. If neither the President nor the Vice President is able to act, the Board of Directors shall appoint some other member of the Board of Directors to act in the place of the President, on an interim basis. The Vice President shall also perform such other duties as shall from time to time be imposed upon them by the Board of Directors or by the President.
Except as otherwise delegated to another member of the Board of Directors or the Managing Agent at the discretion of a majority of the Board of Directors, the Secretary shall keep the minutes of all meetings of the Association and of the Board of Directors; have charge of such books and papers as the Board of Directors may direct; maintain a register setting forth the place to which all notices to Unit Owners and others shall be delivered; and, in general, perform all the duties incident to the office of Secretary.
Except as otherwise delegated to another member of the Board of Directors or the Managing Agent at the discretion of a majority of the Board of Directors, the Treasurer shall have the responsibility for Association funds and securities and shall be responsible for keeping full and accurate financial records and books of account showing all receipts and disbursements, and for the preparation of all required financial data; make disbursements on behalf of the Association upon consent of the Board of Directors and shall be responsible for the deposit of all monies and other valuable effects in the name of the Board of Directors, the Association or the Managing Agent, in such depositories as may from time to time be designated by the Board of Directors; and, in general, perform all the duties incident to the office of Treasurer.
Governing Documents (documents may vary depending on type of Association)
- State law
- Rules and Regulations
- Plats of Survey and Easement Agreements (often included in the Declaration)