CMCA M100 WITH COMPLETE SOLUTIONS 100%

CMCA M100 WITH COMPLETE SOLUTIONS 100% Negligence failure to exercise a duty of care Ethics learning right from wrong and doing the right thing. Duty of Care exercising the skill and care a reasonable person would i a similar situation Duty of Loyalty acting solely in another parties interests when administering their assets Acceleration the collection of all assessments due thru the end of the fiscal year accrual basis of accounting accounting method that records income as it is earned or assessed to owners and expenses when they are incurred or acquired ad hoc committee a committee used on a short term basis Advertising Injury Refers to misappropriation of advertising ideas, or infringement of copyright, title or slogan. agreed upon endorsement a policy endorsement that provides for an agreed upon limit of property insurance alternative dispute resolution a process by which two parties resolve conflicts through the use of a specially trained, neutral third party appeal To request review of a case by higher authority- if permitted by the governing docs or statute articles of incorporation a document to bring the corporation into existence, define its basic purpose and powers, indicate whether stock will b issued, and if there will b a board of directors assignability provision one of the 6legally binding contract provisions that states that neither party may assign its obligations under the contract to any other person without the Express written consent of the other party Balance Sheet a summary of the community's financial position at a specific point in time baseline funding a funding strategy whose goal is to keep the reserve cash balance above 0 board liaison system when directors are assigned to certain committees to guide the committee on board policy and procedures and report back to the board business judgement rule a presumption that in making a business decision, the directors of a corporation acted on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the company. Bylaws formally adopted governing regulations for administration and management for a community association Cash Basis Accounting method that records income when it is collected and expenses when they are paid CC&R'S (Covenants, Conditions and Restrictions) The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey. These documents and rules are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws CC&R'S (Covenants, Conditions and Restrictions) The governing documents that dictate how the homeowners association operates and what rules the owners—and their tenants and guests — must obey.These documents and rules are legally enforceable by the homeowners association, unless a specific provision conflicts with federal, state or local laws Chapter 13 Bankruptcy a reorganization form of bankruptcy for individuals that allows the debtors to keep their property and use their income to pay a portion of their debts over three to five years Certificate of Deposit a savings certificate that gains interest and has a set time before you can withdraw your money Chapter 11 Bankruptcy a corporate reorganization designed to allow for orderly payment to creditors that enable a Corp to continue Coinsurance a standard element in most property policies that obligates the insured to maintain a certain limit of property insurance based on a stated percentage Chapter 7 Bankruptcy liquidation of assets in order to repay the creditors; certain assets or aggregate value of assets of the debtor may be exempt based on state law. Chapter 13 Bankruptcy a reorganization form of bankruptcy for individuals that allows the debtors to keep their property and use their income to pay a portion of their debts over three to five years Commercial reporting method Combines operating and reserve activities in the same column, as opposed to fund reporting, which consists of preparing separate columns for operating, reserve and any special funds. Common Declarations This section of the policy is like the title page of a book. It typically includes such information as the name and address of the insured and the period of coverage. Common Policy Conditions A form containing conditions that apply to all coverages issued under the Commercial Package Policy program. compilation A presentation of financial statements by a CPA without the assurance that the information conforms to GAAP. condominium An individually owned housing unit with undivided interest in the common elements of the community Contingent Liability a property loss exposure coverage for building ordinances that covers the value of any undamaged portion of a building which may have to he replaced because of building law contractual transfers This involves entering into a contract that will, among other things, transfer the community association's legal responsibility for any loss. Cross liability Allows an owner to bring a claim against his or her community association. Direct writer system of insurance