An HOA functions like a mini-city, collecting funds, managing finances, maintaining facilities and adopting and enforcing rules. An elected board of directors oversees these activities. Board members have fiduciary responsibilities, defined in law and HOA documents. All these activities and responsibilities apply to an HOA whether it has 1,000 units or only 25.
Thus, HOAs are complex, requiring professional expertise to manage properly. The question is, who will be the HOA manager to do this? Before assuming that members of the board can manage all of the HOA’s affairs, let’s look at what’s involved in more detail.Read More >>