HOA Requirements - transfer from Managment Company

Eric,

You're probably already incorporsted, yes?

Insurance-wise, your docs probably list what's required. Ours (and we're small and self-managed, too) direct general liability, D&O (which is actually an additional coverage contained w/in the gl), and a fidelity bond for the BOD.

Eric,

I don't understand why you had to get a tax ID # and a new bank account. Tax returns should have been filed since year one meaning a tax ID number would already have been issued. A bank account is a must in order to pay the bills, etc. All that would be required is to change the signatories on the account. As for incorporation, that should have been taken care of by the declarant. Are you certain this hasn't already been accomplished? But, if not, then you need to contact the Corp. Commission or the Sec. of State, or whatever State dept. handles incorporating businesses in your state.

As for managing the assn, it would wise of all the board members to become thoroughly familiar with all the gov. docs and any state laws that apply to HOAs and nonprofit corps. You should appoint an Architectural Committee, the duties of which should be spelled out in your CCRs. The board may want to also adopt a collection policy that would outline the steps that will be taken to collect delinquent assessments and CCR violation fines. This policy should be mailed to all the members of the association. Lastly, a thorough review of the operating budget and financial statements should be undertaken so familiarize yourself with the assn's finances. IMO, these are only a few tasks for the board to be concerned with, but I think they are 4 of the more important issues that should be dealt with immediately. This should keep you quite busy for awhile. :-)

from a management company.. thanks