As the Board of Directors is comprised of volunteers, it is generally a good idea as fiduciary for an entire group of homeowners to hire a managing agent specializing in homeowners association operations. Professional management firms possess knowledge of changing legislation affecting non-profit corporations and understand fiscal as well as physical management requirements of these entities. The scope of services provided by a managing agent will vary based on the needs of each homeowner association. Contractual management duties may include preparation of financial statements, collection of dues, coordination with maintenance vendors, bid and proposal acquisition.