The Joint Boards is the combination of the Board of Directors for the two Associations. The Joint Boards meet quarterly (more often if needed) to decide matters concerning shared expenses, personnel, and other issues where maximum representation of the property owners is optimal.
Shared expenses between the two Associations have long been a point of discussion and disagreement. For decades, the shared expenses had never been written down and agreed to by both Associations. That changed in 2015 (updated in 2016) with the approval of the Joint Boards Shared Expenses Agreement which documents the shared expenses between the two Associations to increase efficiency, reduce costs, eliminate duplicate checks to vendors, and improve the financial situation of both Associations. For this agreement, R&R is considered the master Association and W&S is considered the sub Association. The master Association is responsible for initially paying all the shared expenses with reimbursement from the sub Association monthly.
Effective June 1, 2016, R&R and W&S implemented an annual overhead fee that covers the shared expenses where the employees work and take their breaks along with the additional accounting, auditing, maintenance, and reserve requirements that the master Association incurs on behalf of the sub Association. The annual overhead fee is based on the actual expenses for previous years and is further divided into monthly installments. It is reviewed quarterly by the Joint Boards. Unique expenses to an Association are not split and are the responsibility of the respective Association.