Diversified Association Management works closely with our Board members to ensure that they are fulfilling their fiduciary duty. The state of Colorado has incorporated many laws that govern homeowners associations and Diversified Association Management works hard to stay in tune with the legislature so that the associations we manage are in compliance.
The Board is elected by the homeowners at the annual meeting and Diversified Association Management is hired by the board of directors to run the day to day operations of each community. The Board approves vendor agreements and payments, impose fines against property owners who are not following the rules, approves the annual budget, make legal decisions when necessary, and handles every other function that a governing body needs to do on behalf of the homeowners association subject to the Bylaws and other governing documents.
Every owner that buys into a covenanted community agrees to follow the rules set forth by the governing documents. It’s important for the property values of the community that every homeowner understands and abides by the rules. If you don’t like a decision the Board has made it’s your responsibility to get involved and understand the process. It’s much better to live in a covenanted community managed by Diversified Association Management than to live next door to someone who doesn’t take pride in their biggest asset or who is storing a couch on the front porch because they think it’s not a big deal. Please, next time you see one of your Board members thank them for volunteering it will mean a lot to them.