Living in an HOA is different from owning a single-family home. If you live in an HOA (homeowners association), but have not served on the Board of Directors, you may have questions about how a management company like Sharper Management, your Board of Directors, and owners all work together for a smooth-running Association. The following information is a compilation of some of the most common questions we receive.
HOAs and CICs are governed by an elected Board of Directors. This Board is made of owners living in the community who have volunteered to serve. They typically hold meetings once a month, however meeting schedules may vary depending on the needs of the Association.
Your Association, through the governing Board of Directors and the powers outlined in the Governing Documents, is responsible for many things including;
- Financial management, such as collecting dues, setting operating and reserve budgets, establishing and maintaining a reserve fund for capital projects, paying contractors, and meeting statutory requirements for financial reporting
- Setting up of all necessary contracts required to service the community, such as grounds care and insurance
- Overseeing maintenance of all common areas and amenities
- Understanding, amending, and enforcing the Governing Documents
The many tasks of a Board can pile up quite fast. For this reason, many HOAs engage an external professional property management company like Sharper Management. While the ultimate responsibilities always remain with your Board of Directors, the property management company acts as an advisory group to the Board, an administrative arm to carry out the decisions made by the Board, and it performs the day-to-day financial transactions of the Association.
Some important distinctions to remember between the Board and a management company are;
- The management company carries out the directives decided upon by the Board
- A management company is NOT a policy or decision-making body
Sharper Management’s goal is to be Your Arizona Neighbor in HOA and common interest community management. Ultimately, our job is to work with your Board to help maintain property value and enhance your experience of living in a common interest community.