What is typically included in the governing documents of a homeowners association?

The governing documents of a homeowners association (HOA) typically include the articles of incorporation and operational guidelines, making this the correct answer. The articles of incorporation serve as the foundation of the HOA, providing the basic legal structure and allowing the HOA to operate as a corporation. These documents outline the purpose of the HOA, the rights and responsibilities of members, and how the association is to be governed.

Operational guidelines, often referred to as covenants, conditions, and restrictions (CC&Rs), set forth the rules and regulations that residents must follow. They cover essential aspects such as property use, maintenance obligations, and architectural modifications, ensuring that the community remains cohesive and values are preserved.

In contrast, the other options are incomplete or do not fully represent the comprehensive nature of the governing documents. Focusing solely on the bylaws does not encompass the entire legal framework necessary for the operation of the HOA. Internal regulations and membership applications are components of the operation but do not include the foundational legal aspects provided by the articles of incorporation. Financial reports, while important for transparency, do not constitute governing documents and lack the legal authority that the articles and operational guidelines provide.