409 Margaret Street Condo Association, Key West Florida
We provide a list of the board members and property manager for 409 Margaret Street Association. Before purchasing in an HOA community you will want to research their rules and deed restrictions, reserve funds, budget, bylaws, and documents of the association. You should acquire a copy of the HOA's operating financial statement so that you understand how the HOA fees are being allocated and ensure the reserve fund is adequately funded.
Reserve funds are used for large projects such as replacements or repairs within the homeowners association. The funds usually have strict criteria for how they are to be used. The criteria is based on the HOA community rules and regulations, bylaws and accountability. Some examples of reserve fund use are:
- Roof replacement on common area buildings such as clubhouses and condominiums
- Repairs on community pools and spas such as new pool pumps, pool heaters, pool deck repairs or refinishing etc.
- Playground equipment, clubhouse, neighborhood parks, tennis courts
- Replacing fencing in HOA controlled areas
- Painting of community association buildings
- Major landscape projects
- Construction and major renovations such as sidewalk projects and private roads
This is just a brief look at a few examples of major projects that the reserve fund may be used for. Community-wide there may be hundreds of items the HOA board is responsible for, so check your governing documents. To get a copy of the governing documents for 409 Margaret Street Association please contact the board members or property manager listed below.
Read about the advantages and disadvantages of living in an HOA ....read more!
Amenities: This HOA has a Community pool
HOA Legal Name: 409 MARGARET STREET CONDOMINIUM ASSOCIATION, INC.
Number of Units: NULL
Offices of the Board of Directors and their Duties
The officers of the board of directors are generally president, vice-president, secretary, treasurer and member at large.
- President - The president of the Board presides at all meetings of the Board of Directors. The president is ultimatly responsible to see that orders and resolutions of the Board of Directors are carried out. The president generally signs all contracts and other written instruments and co-signs all checks and promissory notes.
- Vice-President - The vice-president acts in the place and stead of the president in the event of his absence and exercises other duties as may be required of him by the Board.
- Secretary - The secretary record the votes and keeps the minutes of all meetings and proceedings of the Board and of the Members. The secretary also signs all contracts and other instruments executed in the name of or on behalf of the association. The secretary is keeper of the corporate seal of the Association and affix it on all papers requiring the seal. The secretary also serves or causes to be served, notice of meetings of the Board and of the Members; keeps appropriate current records showing the Members of the Association together with their address, and performs other duties as required by the Board.
- Treasurer - The treasurer receives and deposits in appropriate bank accounts all monies of the Association and disburses such funds as directed by resolution of the Board of Directors. The treasurer signs all checks of the association; is keeper of the books of account; cause an annual audit of the Association books to be made by a public accountant at the completion of each fiscal year; and prepares an annual budget and a statement of income and expenditures to be presented to the membership in compliance with the civil code, and delivers a copy of each to the Members.
- Member at Large - The member at large is the fifth member of the Board of Directors and is a voting member of the board. The member at large fulfills duties as assigned by the President or by the board.
Being a volunteer member of an HOA board of directors does come with duties and responsibilities. The associations C.C.and R.'s (covenants, conditions and restrictions) and Bylaws set forth the general powers and duties of the Board and the specific limitations upon the Board's powers. The Board of Directors of an HOA generally have the power to adopt and publish "Rules and Regulations" to protect the interests of the homeowners. Each individual board position comes with certain duties and responsibilities. Read more about joining your HOA board of directors ...click here!
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