I live in a small neighborhood (150 homes) that is under a management company. We also have a board of directors made up of homeowners.
Typically, what are the responsibilities of a board like this? Do they work under supervision of the management company or is it the other way around?
Our neighborhood is having some major issues and while I am staying out of it, I would just like to know how some other neighborhoods operate.
Thoughts?
I understand the duties of the management company, as far as "managing the neighborhood" but what does the board of directors actually do? What are their responsibilities separate from the management co?
The management company works under the supervision of the HOA. The management company pays the bills, hires the contractors, sends out notices, collects dues and prepares the budget and financial reports, sometimes they interview the potential renters/buyers and run all the back ground checks. However, the HOA has to sign the checks, approve the budget and oversees the complex and it’s Home Owners. If there are issues in the neighborhood then the Board of directors are who you should speak with, they are usually more accesible than the management company. If you went thru the management company they would consult with the HOA president prior to doing anything without his knowledge and consent.
Usually this is how all HOA associations work.
February 21st, 2010 at 7:39 am
The management company works under the supervision of the HOA. The management company pays the bills, hires the contractors, sends out notices, collects dues and prepares the budget and financial reports, sometimes they interview the potential renters/buyers and run all the back ground checks. However, the HOA has to sign the checks, approve the budget and oversees the complex and it’s Home Owners. If there are issues in the neighborhood then the Board of directors are who you should speak with, they are usually more accesible than the management company. If you went thru the management company they would consult with the HOA president prior to doing anything without his knowledge and consent.
Usually this is how all HOA associations work.
References :
Former condo association president