Meetings / Community Management
This is a list of meeting activities in the order in which they are to be taken up, beginning with the call to order and ending with adjournment.
What is an Agenda.
A summary of a community's financial position at a specific point in time.
What is a Balance Sheet
The depreciated value of an item
What is the Actual Cash Value (ACV)
A means to track, record, remind or command attention; usually these means are forms or documents
What is a Management Control
The formally adopted governing regulations for the administration and management of a community association
What is the Bylaws
This is the agency, function, or power of a person authorized to act of vote in place of another resident.
What is a Proxy
This consist of what is owed to others or collected in advance
What is Liabilities
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.
What is Common Declarations
Failure to either party to fulfill the terms of contract.
What is a default
Requires directors to act in the best interest and for the benefit of the corporation.
What is Fiduciary Duty
This is a statement of goals and objectives approved by the board of directors.
What is a Management Plan
This is a organized list of titles, descriptions and assigned numbers of all accounts in an organizations general ledger.
What is a Chart of Accounts
This insurance is designed to pay for damages arising from wrongful acts that do not lead to property damage. Such as bodily injury , advertising injury, or personal injury.
What is Directors and Officers liability insurance
This consist of replacing physical assets as they wear out or break.
What is a Scheduled Replacement
This bankruptcy is designed to allow for an orderly payment to creditors for a corporation.
What is Chapter 11 Bankruptcy
This is the most common type of community association, where an owner owns his or her lot and/or living unit and the community owns any common areas.
What is a Planned Community
This method records income when it is earned and expenses when they are incurred or acquired.
What is Accrual Basis of accounting
This is the type of policy for a condominium or cooperative unit owner.
What is the HO-6 insurance policy
A Document which gives up the right to make a claim against the community association for payments not received.
What is a Waiver of Lien
A rental agreement between a cooperative housing cooperation and a share holder.
What is a Proprietary Lease
DOUBLE JEOPARDY: When you exempt an individual or entity from responsibility for claims made against the organization and to reimburse the individual or entity for damages or expenses incurred as a result of such claims.
What is Indemnification
The minimum reserve cash balance based on a predetermined dollar amount.
What is Threshold Funding
Expand, contract, or clarify coverage
What is Endorsements
This bond comes in a package with the performance bond. The surety guarantees that the contractors suppliers and any subcontractors will be paid if the contractor does not pay them.
What is the Payment Bond
What Governing Document is above the Bylaws but below the Covenants Conditions and Restrictions
What are the Articles of Incorporation