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N - Q
• Nonprofit Organization: A legal entity organized and operated for a collective public or
social benefit instead of a business. HOAs are nonprofit organizations.
• President: Similar to the CEO of a corporation, a board president guides the board of
directors, handles procedural duties, and serves as the spokesperson for business
matters.
• Processing Fee: A charge of a few dollars or a percentage of the payment amount when
paying HOA fees online. The exact amount will vary by association and location.
• Property Owners' Association (POA): A group of business owners, property managers,
developers, and investors who have a personal interest in improving a community.
• Quorum: The minimum number of homeowners required to hold a meeting.
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