Board Members have a set number of responsibilities when they volunteer for your community. Remember, they volunteer! So make sure you thank them for what they do.
Board Members are challenged typically on a daily basis with different aspects from personalities and duties and responsibilities within the community. They have a definite purpose and specific duties to fulfill for your community.
The role of the Board is to set policy, standards, budgets and procedures for the association.
Probably the most important duty is the fiduciary obligations to the association. This can be characterized into two parts; the duty of loyalty and the duty of care. The duty of loyalty is requires the Board Member to act in good faith always in the interest of the community. Never acting in their own interest or in the interest of another person. The duty of care requires the Board Member to act in a reasonable, informed manner when participating on the Board and making decisions for the day to day community’s care.
Board Members are able to delegate the duties of the association, but not the responsibility of their positions. It is the Board that is ultimately responsible for the association even if the Board hires a management company. They can direct actions on behalf of the association, but the Board is completely responsible to the community.
The governing documents as well as state and federal statues outline the Board responsibility within the community. Areas of responsibility typically include:
· Care, maintenance and enhancement of common areas including facilities and physical property.
· Management of community finances and any reserve funds.
· Community harmony.
· Any employment the association has and the human resources of the community.
· Interpretation, creation, enforcement of the rules and regulations of the community.
· Community insurance needs and making sure guidelines for such are followed in the declaration.
This is in no way a full compilation of everything your board members do, just an overview of some of their duties.