CMCA - Community Association Management questions and answers

Ad hoc committee - ans -used when an objective needs consideration and no standing committee can absorb that issue; short-term basis board liaison system - ans -directors assigned to certain committees to guide the committee on Board policy and procedures and to report back to the board fiduciary duty - ans -requires directors to act in the best interest and for the benefit of the corporation management audit - ans -a review of governing docs and existing policies and procedures, current condition of the property, owner/resident satisfaction, and fiscal operations management audit - ans -can be done by the board and manager together OR a third-party consultant standing committee - ans -have a continued existence and are not related to the accomplishment of a specific, once-only task Gives BOD rights to act on owner's behalf - ans -- specific state statutes - general state statutes - declaration - articles - bylaws - gov. docs Primary role/responsibility of owners - ans -- pay assessments - read/comply with docs - treat leaders w/respect and honesty - vote in community elections - contact leaders regarding financial obligations - maintain property according to est. standards BOD's role - ans -- set policies and procedures - fiduciary duty - responsible for making and enforcing rules Management is... - ans -planning, leading, organizing and controlling Defines management authority and responsibility - ans -- gov. docs - management contract - employment agreement - actions of the BOD which delegate specific authority and duties Ethical, professional conduct of a manager - ans