We've compiled a list of frequently asked questions below. Should you have any other questions, or wish to discuss further the topics covered on this page please contact us at: 303-221-1117.
Q: What is a "management company," what do they do, and how do I reach them?
A: A management company is contracted by the Board of Directors to provide such services as: Collection of assessments, obtaining bids for subcontracted services, providing financial statements and collection reports, as well as a general clearing house for problem solving, communications with homeowners and the Board of Directors and to serve in an advisory capacity. The management company reports directly to the Board and all decisions are made by a majority vote of the Board of Directors. The management company may be reached online through the About LCM page on this website, by Email, Fax or by phone from the numbers listed on the General Contact Info page on this site.
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Q: What is a homeowner's association?
A: A homeowner's association is a non-profit corporation registered with the State and managed by a duly elected Board of Directors. Its purpose is to maintain all common areas and to govern the community in accordance with the provision of the legal documents: CC&R's, Bylaws, and Articles of Incorporation. If your association website is online with LCM Property Management, your association's governing legal documents may be viewed online within the Resource Center page of this site. The corporation is financially supported by all members of the homeowners association through monthly assessments. Membership is both automatic and mandatory for all owners.
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Q: What are the CC&R'S?
A: The Covenants, Conditions and Restrictions (CC&R's) are the governing legal documents that set up the guidelines for the operation of the community association as a non-profit corporation. The CC&R's were recorded by the County recorder's office of the County in which the property is located and are included in the title to your property. Failure to abide by the CC&R's may result in a fine to a homeowner by the Association.
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Q: What are the Bylaws?
A: The Bylaws are the guidelines for the operation of the non-profit corporation. The Bylaws define the duties of the various offices of the Board of Directors, the terms of the Directors, the membership's voting rights, required meetings and notices of meetings, as well as other specific items that are necessary to run the Association as a business.
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Q: What is the Board of Directors?
A: The Homeowner's Association is a corporation and is governed by the Board of Directors which is empowered to oversee the business of the association. The Board of Directors is elected by the homeowners, or as otherwise specified in the bylaws. The limitation and restrictions of the powers of the Board of Directors is outlined in the Association governing documents.
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Q: Are there any other rules?
A: Most associations have developed Rules and Regulations as provided for in the CC&R's and adopted by the Board of Directors. Rules are established to provide direction to the homeowners for common courtesies with regard to parking, vehicles, pets, and pool use hours, etc. In addition, your Association will adopt Architectural Guidelines with procedures for submitting requests to make exterior changes to your home. Such changes may include patio covers, decks, landscaping, exterior color changes or extensive interior changes and additions. Violations of these rules may result in action by the Board of Directors and a fine. In addition, if you proceed with an exterior improvement or change, without written approval of the Board of Directors, or Architectural Committee, as applicable, you will be required to remove or correct the alteration and/or be fined for the violation. For more information about this topic please contact our office.
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Q: Are Board Meetings open to all residents? If so, where and when are they held?
A: Yes. Notice of the time and place of any regular board meeting may be noted in the community newsletter or you may find out when your association's regular board meeting is by contacting our office.
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Q: If I want to serve on a committee, how do I find out what committees are active and how I can get involved?
A: If you are interested in volunteering, please come to the next board meeting or contact your association manager in our office.
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Q: What is my assessment?
A: The assessment is the periodic amount due from each homeowner to cover the operating expenses of the common area and provide for reserve funds for replacement of common facilities in future years. Your assessments are due on the first of the month and your assessment balance must be paid with checks received and processed by LCM no later than the end of the grace period for your association. Late statements will be sent for assessment balances not paid by the end of the grace period in accordance with association policy.
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Q: How is the amount of my assessment determined?
A: Assessments are determined annually through a budgeting process. The budget is formulated according to the cash requirements that will be anticipated in covering the common expenses of the association for that budget year. The common expenses include both annual operating and long-term reserve amounts as defined in the association governing documents. Annual budgets are developed and approved by the Board of Directors to meet these anticipated expenses. The monthly amount charged to each unit is determined by a formula prescribed in the association declarations.
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Q: What happens if I don't pay my assessment?
A: The payment for the maintenance and management services incurred by the Association are dependent upon timely receipt of the assessments due from each homeowner. If untimely payments of assessment amounts may result in a late and/or interest charges. Other remedies are available to the association through it's legal documents for collection of unpaid assessments.
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