Depending on the management agreement, some of the following responsibilities can be turned over to a managing company
All documents that regulate the community life. Documents may vary depending on type of Association (condo, townhome, etc.)
Permits the creation of condominium/townhome form of ownership and prescribes the basis of determining ownership interest, rights and obligations of the owners, duties and powers of the association, and the process of dissolution of the condominium
Defines the units, common and limited common elements, and is the collection of covenants imposed on the property to provide for:
Creates the association as a corporation under state corporate statute and defines its membership and sets forth the process for creating the board of directors, voting procedures, etc.
Implements, in specific detail, the provisions of the Declaration and the Articles of Incorporation regarding the association operations, including:
Describes the location and nature of the common elements and the units
Comprises the individual unit deed
Sets forth the operational powers or provisions and the use restrictions adopted by the association
Comprise the individual lot deeds and the deeds to common property which give a legal description of the property
The declaration of CC&R’s is the collection of covenants imposed on all property within the development and provides:
Creates the association as a legal entity under state corporate statute; defines the board powers and responsibilities of the association and its membership; and, sets forth the process for creating the board of directors, voting system, etc.
Implements, in specific detail, the provisions of the CC&R’s and the Articles of Incorporation regarding the association operations, including delineation of the meeting process, election procedures, powers and duties, board meetings, committees, insurance requirements, rule-making and enforcement process
Sets forth the operational powers or provisions and the use restrictions adopted by the association
Fair Housing Amendments Acts, 1988, applies to sale of residence. Does not prohibit discrimination by owners, if selling or renting as long as they own three or less homes
Persons with disabilities (at own expense) must be allowed to make accommodations per the Americans with Disabilities Act, 1993
GHCM uses Modified Accrual Basis Accounting to prepare each association’s monthly financial statements. Accrual Basis Accounting means that income is recognized in the month it is earned (not collected) and expenses are recognized in the month they are incurred (not when invoiced or when payment is made). This provides better tracking for budget variances as well as a more accurate financial position of the Association. Modified Accrual Basis Accounting is an accepted variation where not all income or expenses are recognized on an accrual basis.
The Board has the obligation to repair and replace major capital facilities, buildings, and equipment of the association. The ideal method of providing for these future expenses is the establishment of a capital reserves system and budget to assure that such funds are available when needed. With knowledge that the future holds predictable major expenditures for repair and replacement of facilities and equipment, the association could begin the gradual accumulation of funds through a reserve account to meet all or a portion of that expense when it comes due.
We’re a people-first company that prioritizes communication, collaboration, and care in everything we do.
With a team that’s worked together for over a decade, we bring unmatched stability, experience, and trust to our communities.
We don’t just respond—we anticipate. Our clients know we’ll go above and beyond to deliver solutions that work.
Make a smart decision for your community with Keymont Community Management. We deliver unparalleled results, responsive customer service, and competitive pricing.
We’re a team that answers the phone, responds to your emails, and shows up when it matters. Let us help your community thrive.
Call us today at 703.752.8300 or contact us online to get started!
