Members of the board of directors serve without compensation. The board’s authority includes all of the powers and duties enumerated in general law and the documents governing the association. Each board member has a fiduciary relationship to the association and each of its members. The board is responsible for the management of all aspects of the homeowners association (HOA). It may delegate the management of its activities to other persons or businesses, such as a property management service, but it must retain ultimate control. The board’s powers and duties normally include such things as:
 

• Enforcing provisions of the covenants and bylaws for the HOA
   

• Paying taxes on common areas
   

• Contracting for insurance on behalf of the association
   

• Contracting for goods or services for the common areas
   

• Delegating its powers to any committees, officers or employees of the association authorized by the governing documents
   

• Preparing budgets and financial statements for the association