Board of Director's Roles & Responsibilities       All of the members of the Board of Directors (BOD) have the same fiduciary duty to CHOA, whether the member was appointed or elected.  Fiduciary duty is a duty higher than that of a trustee.  Members of the BOD must exercise good business judgment, not perfect judgment, in managing the CHOA affairs.  Personal choices must be set aside for the benefit and overall good of the Association.       CHOA's Board of Directors establishes the organization's budgets, annual assessments and policies, just as in for-profit corporations, such as Exxon. The budget is based upon needs (insurance, utilities, management, etc.) and wants (recreation, newsletter, yard-of-the-month, and etc.) of the community.       The deed restrictions, corporate charter, bylaws and the Texas Non-Profit Corporation Act define the authority of the BOD.  The Board does not have the power to modify or waive the community's deed restrictions.