Condominium communities in the Dominican Republic have an Owner Assembly that meets once a year to elect an Administrator who runs the affairs of the Association. During the annual meeting, the owners approve the previous year’s financial reports and agree on a budget for the upcoming year, including the Administrator’s salary.
The Administrator builds a reserve fund to cover property expenses and the maintenance of common areas.
At the end of the year, the Administrator provides a financial report to be reviewed by the owners at the next annual meeting.
The Association of Owners is set up as a non-profit company and any savings achieved by the Administrator belong to the owners.
The Administrator may also decide whether or not to hire employees or hire outside contractors to assist in reaching the objectives of the owner assembly. If employees are hired, the non-profit organization provides for medical insurance and pension funding, all included in the operating budget for the assembly of owners.