They are meetings of all the owners. Typically, the president presides at annual meetings, but he or she is really just a master of ceremonies. Of course, there are various rules about how to run a board meeting and an annual meeting, such as who can participate in discussions, when discussions can be held in private, etc. Unless these basic definitions are clear, the other rules don t make much sense. Think about why homeowners associations exist.
Associations exist to protect the property values of all of the owners.
That s it. Now consider how homeowners associations work. The money is paid into the pool in the form of assessments. The money doesn t really belong to the association, though. It s not income to the association.