When it comes to managing common interest developments, boards of directors are responsible for the following:
Maintenance. Maintain and repair the common areas, and prepare reserve studies.
Rules Enforcement. Enforce the governing documents via warnings, hearings, fines, suspension of privileges, and litigation.
Financial Management. Prepare budgets, levy and collect assessments, pay bills, review financial records, and prepare year-end financial statements.
- Operational Management. Manage the day to day operations of the association. This includes retaining (as needed) management services, legal services, landscape vendors, pest control, operating amenities (pools, tennis courts, clubhouses, equestrian facilities, golf course, etc.), purchasing insurance, etc.
To carry out their duties, boards have
authority as provided by the governing documents and statute. Directors must perform their duties as
fiduciaries.