Since HOAs are governed by Boards that consist of community members that perform their duties on a volunteer basis, many HOAs turn to a professional third-party management firm to help cover their large scope of responsibilities. In a broad sense an HOA Management Company should be responsible for:
- Guide/Consult with Board of Directors to fulfill their duties
- Execute the decisions, directives, and policies approved by the Board of Directors
- Document transactions (accounting and otherwise), activities, and records of the Association
The Board is in charge of decision making and the HOA managers fulfill the actual dues collection, maintenance, vendor payment, and serve as the primary homeowner point of contact. The specific responsibilities of an HOA management company can be broken down into four sections:
- Administrative Services
- Accounts Receivable Management
- Site Management
- Accounting Services