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A document that provides instructions to newly elected directors of a homeowner's association
_______________________________ HOMEOWNERS’ ASSOCIATION INSTRUCTIONS TO NEWLY ELECTED DIRECTORS 1. Conduct Meeting and elect President, Vice President, Secretary and Treasurer. The Secretary and Treasurer can be the same person. Review the Bylaws and the Declaration and Supplements in detail. 2. Send in Statutory Agent Update Form to the ________ Secretary of State. 3. Change the authorized signatories to the general bank checking account. Pursuant to the Bylaws, the Treasurer of the Association shall be the authorized signer for the account; however, others may be identified. 4. Send Directors’ letter to all members of the Association. 5. Select a company or business to maintain the common areas by obtaining several quotes or by Board action to select one business or company (i.e. – pool, pond, entrance areas). Regularly pay for services rendered with Association check. 6. Conduct meeting of Board, no less than quarterly. 7. Prior to December 31 of each year prepare an estimated budget for the next fiscal year. On or before the Annual Meeting send an itemized accounting of the maintenance expenses incurred in the preceding year, together with a tabulation of the amounts collected, and show the net amount over or short of the actual expenditures plus reserves. 8. The Board shall audit the books and records of the Association once per year. 9. Send out Invoices to members for Assessments, currently being sent out semi-annually. 10. Annually pay real estate taxes and insurance premiums with Association checks. 11. Regularly pay operating expenses (i.e. - landscaping, snow plowing, etc.). 12. Send out Notice of Annual Meeting to all members at least 10 days before meeting but no more than 60 days before meeting. 13. Conduct Annual Meeting in or around February of each year or such other time as determined by the Board. Elect new Directors as their terms expire.
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