Governance and Management FAQ

Who runs or governs the Association?

The Association is governed by the Board of Directors which consists of 3 directors elected by the membership. Each member serves a two year term, with one member being chosen by the directors to serve as President.

Are Board members paid?

No. Board members volunteer their time and receive no compensation.

Who or what is “Premier Residential Management”?

Premier Residential Management is a property management company that specializes in the needs of Associations like Valley Lakes. The Board hires a professional company to serve as agent for Valley Lakes. The Property Management Company provides management services and handles all of the business of the association including, but not limited to; billing assessments, mail, paying bills, supervising contracts, accounting and certain legal requirements and functions.

Why do we need to pay someone to run our business?

The Association is a legally recognized Non-Profit Corporation. As such, there are many requirements that must be fulfilled to avoid putting the members at unnecessary financial risk. Utilizing a property management firm to handle the Associations business, saves money by not having to pay for and maintain an actual office and hire employees directly.  A management company can provide the multiple different functions that one person alone would simply not be able to do. They also provide advice and expertise on the various issues and laws that the Association must comply with.

Who can be a director?

Anyone may run for election to the Board.

When does the Board meet?

The Board of Directors meets at least twice per year. Once in November to adopt the budget for the upcoming year and once following the annual members meeting in April to elect officers. The board may meet more often as needs demand. Notification of meetings is mailed to all members no more than 30 days and no less than 10 days before any meeting.

 

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