Jessica 2 Questions 4 Answers 0 Best Answers 10 Points View Profile 1 Jessica Biginner Asked: May 30, 2019In: Hoa Discussions What does the Hoa Do ? 1 i was wondering about the main role of the hoa Share Facebook 1 Answer Voted Oldest Recent Eric32 2 Questions 2 Answers 1 Best Answers 33 Points View Profile Eric32 Advanced Added an answer on May 31, 2019 at 7:37 am Homeowners’ Associations (or Condo Associations) set a monthly or annual condo fee or homeowner fee, which is used to maintain the property and its common areas, such as the hallways, walkways, and parking lot (for condos) and parks, swimming pools, etc. for residential communities. The board may hire a property manager to help with day-to-day operations. While each association’s duties may vary with the type of property, some HOA responsibilities include the following: Rules Set and approve covenants, conditions, rules, and bylaws (e.g. acceptable/non-acceptable resident behavior) Review complaints and make decisions about resident concerns Enforce penalties against residents if they breach the bylaws (fines, etc.) Appoint committees and delegate to them Meetings Hold meetings for members, determine voting matters, vote on issues, etc. Hold meetings for the board of directors Communicate with homeowners, property managers, and other personnel Finances Set budget with input from owners Keep financial records Sets condo/homeowner fees. Price is determined by financial projections. Maintain a reserve of funds Hire and correspond with an attorney, accountant, and other professionals for the association Allocate spending for insurance coverage Maintenance Budget for repairs and maintenance Organize and prioritize maintenance and upkeep Collect bids from contractors Arrange for inspections Respond to emergencies The HOA members and board of directors have a fiduciary duty to the corporation, which requires that members act in good faith, with skill and care, on behalf of the association. 0 Reply Share Share Share on Facebook Share on Twitter Share on LinkedIn Share on WhatsApp Sorry, you do not have a permission to answer to this question.