Policies, Procedures and Resolutions (PPR) form the third leg of the governing documents triumvirate.
Why do you need even more written governance? Because the standards and procedures of an organization are rarely governed by statute and often absent from the declaration, bylaws and/or rules. Policies, procedures and resolutions codify exactly what, when, where, who and how action should occur. Formal, written expressions provide for preservation of consistency as Board composition changes over time and allow for examination by members (owners) which is a critical aspect of transparent governance.
Clear and concise policies, procedures and resolutions will help your community avoid on-the-fly decision-making / reinventing the wheel. Proactive policy-making directly contributes to leading your community with reason, empathy, honesty, integrity and transparency. Read Always Ask "WHY?": Are Empathy and Reason YOUR Stars and Stripes?