A homeowners' association is also known as the HOA. According to the Association Times, The HOA is the "cornerstone of a planned residential community." The main goals of the homeowners' association are to maintain the property value of the residents, create a sense of community and preserve the architectural integrity of the neighborhood, according to the Association Times.
Board of Directors
The board of directors will be responsible for carrying out the specific duties that the HOA has written in its by-laws. According to the Association Times, the board of directors is in charge of the management and operation of the HOA's business matters. The board of directors will also make policies for the HOA. Unless otherwise stated within a specific HOA's by-laws, being a member of the board of directors is a non-paid position.
According to the Association Times, the president, vice president, secretary and treasurer are officers of the HOA. Officers, unlike the board of directors, carry out the policies and administrative functions within the community, set forth by the board. The president will serve as a spokesman during meetings with the board of directors and lead community HOA meetings. The president will have authoritative say in daily functions of the HOA.
The vice president will be ready to assume responsibility should the president be absent from a meeting, resign from duties or be dismissed by a majority vote of the board of directors. The vice president must act within the best interests of the community.
The secretary is responsible for keeping all of the official records for the association, according to Association Times. She will usually have an assistant to keep a log of minutes at each meeting, while she keeps a log of what was discussed and what was achieved during the meetings. The secretary is also responsible for granting assess to records to all members of the association as well as other authorized individuals.
According to Association Times, the treasurer is responsible for all securities, funds, and records of finances which belong to the homeowners' association. However, many HOA's hire an outside company to be responsible for the financial aspect of the association, in which case the duties of the treasurer will be to ensure proper financial records are kept. Finally, the treasurer is responsible for creating a proposal for the annual budget and preparing the annual financial report each year, according to the Association Times.