Community Association FAQ

Question:
How is the Board of Directors Elected?

Answer:
The members of the Association vote to elect the Board of Directors (unless the Association is still under Declarant control). Each Association has specific bylaws outlining the process for Board elections. Generally speaking the Board elections take place on an annual basis during the Association’s “Annual Meeting”.

Question:
What is my Assessment?

Answer:
The Assessment is the amount due from each Association member to cover the operating expenses of the common area and provide reserve funds for the replacement of common facilities in the future. Assessments are typically due monthly, but may also be payable Annually, Semi annually or Quarterly.

Question:
How is the amount of my Assessment calculated?

Answer:
The annual budget for your community is divided amongst the number of units in your community. The exact manner in which the allocations are made is typically outlined in the governing documents.

Question:
What do my Assessment fee cover?

Answer:
Assessments pay for the common area landscape maintenance, snow plowing, repair and maintenance of pools, playgrounds and equipment. They also provide for improvements desired by the Association and for services to the Association members .

Question:
Why do I pay Assessments?

Answer:
All owners are required to pay Assessments per the governing documents of their Association. The fees may be due annually, semi annually, quarterly or monthly. Your assessment payments fund the operation and maintenance of the common property and are used to provide services for the benefit of all owners.

Question:
How do I pay my Assessment?

Answer:
Owners may elect to pay their Assessment via check, credit card, e-check or have the amount ACH debited from their bank account. Payment should be mailed to the address indicated on the front of your payment coupon. Your payment coupon must accompany your check (the processing of payments without coupons may be delayed or rejected). You may also drop off your payment at any of our locations (a drop box is available for after hours).

Question:
To whom do I may my check payable?

Answer:
Your check should be made payable to your Association (ie: “ABC Homeowners Association” for “XYZ Condominium Association”). Please do not make checks payable to Park Management & Realty, Inc

Question:
What does the Association do?

Answer:
The Association is a non-profit corporation managed by the Board of Directors elected by the owners. The Board is responsible for the management of the association’s funds, the enforcement of the deed restrictions and the maintenance of the common area property.

Question:
What is a “Management Company” and what do they do?

Answer:
A Management Company is contracted by the Board of Directors to attend to the day-to-day operation of the Association and implements the policies and decisions as determined by the Board of Directors.