COMMONLY ASKED GOVERNANCE QUESTIONS

1. What accounts are condominiums required to maintain?
2. May a reserve account be used for purposes other than that for which it was originally intended?
3. May candidates for the board of administration engage in campaigning for election?
4. May the board of administration simply appoint an individual to fill a vacated position on the board without conducting an election?
5. What if during the election process, an association has the same number of candidates for positions to be filled as there are vacancies on the board? Do they still need to prepare ballots and hold an election?
6. Is an association permitted to use proxies in the election of directors?
7. May the board fine unit owners for breaking the association's rules?
8. What is considered a board meeting?
9. What is the difference between a general proxy and a limited proxy, and when are they used?
10. Are unit owners allowed to attend and speak at meetings (board meetings, committee meetings, membership meetings)?
11. Is my association required to hold regular meetings on a monthly basis.
12. How does an association amend its bylaws?
13. When does an amendment to the bylaws become effective?
14. Where do the official records of the association have to be maintained?
15. How would a condominium go about becoming an adult community (55 or older), and would all the residents under 55 years old have to move out?
16. May the association pay a board member for his or her services as a board member?
17. Who adopts the annual budget, unit owners or the board of directors?
18. How are special assessments approved?
19. How is the type of financial statement an association is to prepare determined?
20. What part of the condominium property is the association required to maintain?
21. I thought that as a unit owner and a member of my association I had the right to vote.
22. Why is it that most of the decisions of the association are made by the board of directors?
23. When does the association have to provide me with a financial report, and how do I know that they are providing me with the correct report?