What is the purpose of a homeowners' association?
What is the purpose of the Board of Trustees?
Why do we need to pay a management company?
What is the purpose of a homeowners' association?
When developers first started building Homeowners' Associations, everyone agreed that having property shared by all owners was a good idea. But one question remained, "who is going to take care of it?"
Local government was not responsible because the land was privately owned. The developer would eventually sell all the homes and go on to build another project. He would not want to be responsible. That left the residents. Since they own shared property, they should have the responsibility for its maintenance. The concept of an Association was created.
Oak Forge also has one unique characteristic. Part of the common property is a detention basin that we are legally bound to care for and carry insurance on. This basin serves as the primary watershed for our community.
A Homeowners' Association is an organization of residents. A buyer automatically becomes a member with the purchase of a home within the development. As a member, he/she has a voice and vote in the association's affairs These votes are cast during annual or special meetings of the general membership.
The automatic membership in a homeowners' association is an incorporated, non-profit organization operating under recorded land agreement through which each land owner in a described area is automatically a member. Each member is subject to a charge for a proportionate share of expenses for maintenance of common property and support of other necessary activities of the organization.
The major responsibility of the association is to protect your investment and enhance the value of the property owned by the members. This is done by providing for the physical maintenance and operation of the shared property.
The Association has other responsibilities too, such as, enforcing the master regulations and architectural controls, and setting up an effective communications system among members.
To assure the homeowner of a well run organization, a professional management firm has been retained as an integral part of the operation of the association. Professional management will insure that the association functions, as a viable business organization, protecting the homeowners' valuable investment. The management staff will coordinate and supervise the maintenance, financial and architectural facets of the association.
What is the purpose of the Board of Trustees?
The purpose of the Board of Trustees is to allow for elected representatives of all owner/members to set forth and administer policies and procedures, and to make managerial decisions affecting the operation and maintenance of association business and all commonly held real property.
The members of the Board of Trustees, being duly appointed and/or elected. are recognized by the State of Ohio as officers of the Corporation and have the authority to enter into contractual obligations, carry out and enforce all provisions of the Declaration, Articles of Incorporation and By-Laws, and may assign such responsibilities as deemed appropriate to the Manager.
Some of the responsibilities of your Board of Trustees include:
Establish the policies and regulations that govern the Association
Supervise and prescribe the duties of the Manager
Approve the operating budget and all expenditures made by the Association
Set the amount of the lot assessments (Association Assessments)
Enforce architectural control
Maintain the common areas and structures located on common property
Keep a complete record of corporate affairs and report to homeowners
Why do we need to pay a management company?
Your Manager is responsible for guiding and assisting the homeowners' association and helping owners with problems or questions, as well as carrying out the policies and decisions of the Board of Trustees. The Manager also has the responsibility of the daily management and operation of the community and its facilities.
The management company is a professional firm specializing in homeowner and condominium management. They are hired by the board or trustees to advise, assist, and implement the decisions made by the Board. The following items are included in the contract for management.
Payment of operating expenses
Accounting and financial reporting
Printing and distribution of any notices
Hiring and supervision of various contractors
General maintenance of common areas
Maintenance and supervision of insurance coverages
Custodial care of books and records involving association activities
Handling resident requests
Community coordination and communication
Assisting the Board with budget planning
Keep in mind that without the manager, an unpaid member of our community would bear this responsibility. Would you volunteer for this job? Please distinguish between the Manager and the members of the Board of Trustees. Your trustees establish policies and make decisions which the Manager implements on a day-to-day basis in operating Oak Forge. Please direct your questions and comments regarding your community to the Manager for the proper attention. Your Manager meets with the Board of Trustees on a regular basis, at which time the affairs of the association are fully reviewed.