Heather Walk Directors are bound by fiduciary duties. Sometimes the Board of Directors are positioned to make what seems to be unpopular financial decisions. Board decisions that impact unit owners are driven by fiduciary duties. The following illustrates what is involved in making routine decisions involving capital assets. The Board makes a decision to have the asset evaluated by a professional. The Board requests three written proposals from professional contractors. Based on that analysis a financial decision is determined whether that capital asset needs to be repaired or replaced. References are checked and when possible review information about projects done on other properties. When funding through a special assessment is considered the owners are called to an informational meeting by the Board to report the results of the evaluation, to present the bid amount and to discuss the financial impact of the repair or replacement. Taking into account the opinions of the unit owners, the Board makes the final financial decision. The Board requests a copy of the contractors performance bond and insurance followed by copies of the permit along with the warranty. When the above steps are taken by the Board their fiduciary responsibility of making proper financial decisions has been fulfilled. The declaration and bylaws of Heather Walk Condominium Inc. specifically mandate the Board of Directors fulfills its fiduciary responsibility to maintain capital assets of the association thereby preserving the property value of each unit.