Those on the board of a community association are always facing several challenges that come along with their responsibilities.
That’s why it’s so important to make sure your expectations are set up ahead of time in the governing documents. But if you’re new to the board, these tasks can seem overwhelming and you might not know where to start. So here are the main responsibilities any board should keep in mind while running their HOA:
#1: Create the Budget and Collect Fees
Budgeting is obviously crucial. Board members must anticipate income from homeowner fees and expenses while also reviewing past costs. You’ll also want to plan a reasonable cash reserve in case of unexpected repairs or replacements, loss of money from members who don’t pay on time, and emergencies. This is why collecting HOA fees from homeowners is a big deal — with each member who fails to pay on time, or at all, the whole HOA is affected.
#2: Refer to State Law and Governing Documents
As a board member, you’re expect to know, understand, and follow the bylaws of the HOA’s governing documents along with the specific laws of your HOA’s state.
#3: Maintain Community Spaces
Another big responsibility of the board is repairs and upkeep of common areas. Successful boards are diligent about control costs to properly plan and maintain these areas. They can do this by observing and comparing several bids for maintenance services.
You’ll also want to conduct regular inspections to find any maintenance issues before they become a much bigger and more costly problem.
#4: Recording Board Minutes
It’s important for owners to be aware of board actions that affect them, so you might want to post meeting minutes. Also, encourage owners to participate in the board elections so they are a part of the process.
#5: Uphold Owners’ Trust
Your fiduciary duty as a board member includes instilling owner trust and using sound, informed, and rational business decisions to maintain funds and bring about the best results for the community. Board members should set aside any need for personal interest when making board decisions.
The range of responsibilities expected from a HOA board member may seem daunting at first. But being active and making an investment in your community bring a lot of rewards that make it all worth it.