It's called a home owner's associate or condo board or similar. And a relatively common issue is underfunding it, so one of the things you have to be aware of if buying a "used" condo is how funded the association is, or you may find that the "deal" you got compared to others in the area is because you're going to be hit with a $50k additional assessment in a few years to fix deferred maintenance.

Extreme examples include: https://en.wikipedia.org/wiki/Surfside_condominium_collapse