Being a member of a condominium association means you are part of a community of homeowners, residents, and elected board members.
A contracted management company hired by the board is responsible for handling day-to-day operations, including:
· Financial management, such as budgeting and collecting dues
· Maintenance coordination for common areas
· Enforcing community rules and regulations
· Facilitating communication between the board and residents
· Organizing meetings and record-keeping
Members of the association (Homeowners) have rights and obligations, including:
● Electing board members
● Voting on important matters during the Annual Meeting
● Paying regular assessments or fees for maintenance, repairs and communal expenses
● Knowing and complying with rules and regulations created to ensure a harmonious community environment
● Participating in meetings that help build community
● Using the association’s shared pool.
Membership is a balance of these responsibilities and benefits, helping to maintain property value, community, and quality of life for all residents.
The affairs of the Association are governed by an elected volunteer Board of Directors whose responsibilities include:
Hire and discharge management companies, managing agents and other employees, agents and independent contractors. Such management companies are hired to assist the Board and oversee various aspects of community governance and operations.
Establish and enforce community rules and regulations to ensure a harmonious living environment.
Prepare and manage the association's budget, collect dues, and oversee financial records.
Oversee the maintenance and repair of common areas and facilities.
Facilitate communication between the board and homeowners, addressing concerns and providing updates on community matters.
Ensure the association complies with local, state, and federal laws, as well as the governing documents of the community.
Negotiate and manage contracts with vendors and service providers for community services.
The Regency Parc Condominium Association Board of Directors and its management company, follow a standard HOA operating procedure and budgeting format. The Board imposes regular and special assessments to perform their duties according to the association’s governing documents. These duties include maintaining common areas, funding the reserves for said common areas, insuring the common areas, and enforcing the governing documents.
Associations are non-profit organizations, so they operate using a budgeting system called Zero-Based Budgeting. In Zero-Based Budgeting, revenue does not exceed expenses. In other words, total income minus expenses equals zero. When determining the association’s budget, the Board and management company start with known expenses from contracts and services, and then calculate a target reserve fund. From there, your monthly dues are determined. Because of the Zero-Based Budgeting, your dues do not cover more than what is determined in that budgeting process cycle.
By paying their fair share of the association’s obligations, homeowners are paying for the association’s current and long-term maintenance obligations in an evenly-distributed way. It is essential to the health, prosperity, and value of the neighborhood that all owners pay their dues in a timely manner. The failure by owners to pay their assessments places the association in financial jeopardy. Delinquencies and outstanding balances have adverse effects on budgets, leaving the association with little wiggle room. Operating in this manner can impact the payment of the association’s bills, services, or proposed projects. It could also force the Board to increase monthly dues to adequately cover our financial obligations.
Reserve funds are used for emergency or unplanned expenses and/or essential upgrades performed over time. Reserve funds are often between 20-40% of your monthly dues. Currently, 22.6% of your dues are budgeted for our reserves.
Regency Parc’s physical property and main structures are from 1995/96, making them approximately 30 years old. As such, the Reserve Study performed in 2022, provided an analysis report identifying various projects for repair, maintenance, or replacement to be performed over time, such as concrete, asphalt, roofs, siding, sealants, mechanical, and more. The funds we put into the reserves are essential for maintaining our neighborhood and protecting the value of our homes.
The Regency Parc Condominium Association, is made up of all the homeowners and tenants that reside in this complex of 15 buildings composed of 86 individual housing units, 1 Office Building containing a collection of leased office suites, and an outdoor community swimming pool. The property is nestled in a quiet area surrounded by City West Parkway, The Park at City West Apartments, a secluded pond, and the Evergen company. Several family restaurants and businesses are nearby as well as access to several highways and future light rail transit. It is a diverse community of individuals, couples and families along with a sizable dog population.
An association such as ours, includes a variety of exterior maintenance services (subject to our governing documents), common area upkeep, master insurance policies that cover exterior building structures and weather-related damage and liability (though does not replace the need for individual homeowner’s HO6 policies), landscaping and snow removal, and the community pool. Which is why many people choose to live in an association.
The Board of Directors’ vision is to foster an inclusive, respectful, and welcoming environment where residents, owners, and tenants are encouraged to connect and build relationships—creating a community that is proud to call Regency Parc home.
Living in our association is a shared responsibility that depends on mutual respect, civility, accountability, and staying informed. We encourage all residents to be actively involved by helping care for the property, respecting common areas, and following community rules and standards.
Please be mindful of litter, landscaping, and environmental impacts; comply with city leash and pet waste regulations; and clean up after using shared amenities such as the pool. Getting to know your neighbors and remaining aware of community guidelines helps promote safety, cooperation, and a positive living experience for everyone.
Together, homeowners and tenants form the Regency Parc community, and the association benefits when all residents contribute to its care and well-being.