The Board of Directors of the Association may act on behalf of the Association except as limited by the Declaration and the Bylaws. In the performance of their duties, officers and members of the Board of Directors shall exercise the care required of fiduciaries. In addition to carrying out the powers of the Association in Article II Section 1 of the Bylaws, the Board of Directors shall:
- Keep complete and accurate minutes of all its proceedings. Minutes of all Board of Directors meetings, except meetings held in executive session, shall be available for examination by owners at the Association offices at reasonable times;
- Hire, set compensation for, prescribe duties of, supervise, evaluate performance of and discharge as appropriate all employees of the Association, subject to criteria established by the Board of Directors.
- At least annually adopt a budget and fix the amount of the annual assessment against each lot or unit as hereinafter provided. Within 30 days after adopting the annual budget, the Board of Directors shall provide a summary of the budget to all owners. If the Board of Directors fails to adopt a budget, the last adopted annual budget shall continue in effect;
- Procure and maintain insurance;
- At least annually review the insurance coverage of the Association;
- Cause the Association books of account to be maintained with appropriate financial statements made therefrom in accordance with accepted accounting standards, and cause them to be audited or reviewed from time to time by a certified public accountant (CPA);
- Cause to be filed the necessary income tax returns for the Association;
- Cause officers and employees having fiscal responsibilities to be bonded as the Board of Directors deem appropriate;
- Develop and supervise a voting process, pursuant to Article V, Section 5 of the Bylaws;
- Comply with Department of Housing and Urban Development requirements in order to continue to qualify for the 55 or older housing for older persons exemption. The Association is required to establish age verification procedures. The Board of Directors shall establish verification of occupancy every two years through reliable surveys and affidavits;
- Cause the Common Property to be maintained;
- Enforce requirements that cause the lots and exteriors of all units to be maintained within the limits and provisions of the Bylaws;
- Prescribe rules for resident use of the Common Property including hours of use, personal conduct of residents and guests thereon;
- Establish a schedule of penalties for violation of Bylaws and Rules and Regulations;
- Appoint committees of owners as needed to discharge, under supervision of the Board of Directors, the responsibilities of the Association set forth in the Bylaws;
- Cause any and all subsidiary corporations of the Association to operate strictly in accordance with the Bylaws at all times;
- Adopt, publish, distribute and enforce Rules and Regulations covering such rules and regulations as may be needed to discharge Association responsibilities where the Bylaws are silent on such matters. The Rules and Regulations shall be reviewed and updated annually by the Board of Directors. New and revised rules or regulations shall be added to the Rules and Regulations;
- Review and improve service to residents and community;
- Maintain a current mailing address of the Association;
- Do all other appropriate things to discharge its responsibilities under the Bylaws
