A board is a collection of individuals or board members who represent the interests of all owners in a community or in the co-habited building they occupy. There are a variety of boards involved in and that relate to ownership and property management of real estate assets. Two of the most well-known boards are the Home Owners Associations (HOA) and Condominium Boards.
The fundamental goal of board members and the collective decisions they make is to serve the corporation and the members which they represent.
Board member positions are elected by their peers (who are also owners in the Corporation), and their actions are governed by the Articles of Association (AoA) when it comes to HOAs and the Condominium Bylaws when it comes to Condo Boards. These official documents are typically registered and specific to the property in question.
To make it easy to understand, we have summarized some key qualities, responsibilities, and duties of the board members in this article.
Read on to learn more!
Key Qualities of Board Members
Some of the key qualities of a board member can be summarized as:
- Having a deep interest in the equity and mission of the Condo Corporation and the property management of the condo community
- Being dedicated and committed to fulfilling the Corporation’s goals
- Possessing a genuine and respectful attitude toward colleagues, property management and community members and their views
Overview of the Board’s Duties
Whether an HOA or Condo Board, the duties of those occupying board member positions include:
- Establishing the organization’s objectives and goals
- Organizational planning
- Monitoring and managing financial resources
- Assessing and developing skills of the property managers and board members
- Serving on various committees
- Recruiting new board members as required
- Promoting the organization or Corporation
Responsibilities and Duties of the Board Members
There are various positions on an HoA or Condo Board, with the main ones being:
- President: The president leads the board and is responsible for overseeing and handling many of its procedural duties. It can help to see them similar to an Executive Officer of the board.
As with any executive officer, the president is responsible for running meetings, establishing the agenda, and executing contracts and other legal documents pertaining to the community or property. understand how to run an effective meeting.
- Vice President: The main role of a vice president (VP) is to act as a substitute for the president should they be unavailable for whatever reason.
The VP must oversee the rest of the board or association to ensure it continues to run smoothly as well as presiding over annual or board meetings as required.
The VP also needs to follow the president’s directives and carry out any tasks assigned to them, plus serve as the liaison for one or more HoA or Condo Board committees.
- Secretary: The secretary is responsible for:
- Recording the minutes of all meetings of the board of directors
- Maintaining records of committee meetings
- Updating and maintaining membership lists
- Providing for the safekeeping of all official contracts and records of the organization
- Maintaining and updating bylaws and arranging distribution of notices of scheduled meetings
- Treasurer: The treasurer acts as the financial manager for the board and is responsible for funds and maintaining all financial records. This may be billing and collections or disbursement of funds.
Along with that, they are also responsible for:
- Overseeing the organization’s financial administration
- Reviewing and enforcing financial policies and procedures
- Creating and monitoring the budget and generate financial reports
- Advising on financial strategy and fundraising
- Community Manager: The community or property manager is responsible for the management and support of the community including daily operations, regular interaction with and support of the Board of Directors and homeowners/ or vendors, attending neighbourhood meetings, etc.
They are also responsible for managing and handling communications from both sides (i.e., from owners and the board) and supervising the social media, events, and content creation.
* Often the administration of many of the duties highlighted above, are delegated to the Property Manager or Property Management Company in the terms in the Condominium Management Agreement. The Board directs and the property manager, manages.
Can We Help With Matters Relating to Your Board Members?
While attending and being engaged at board meetings is a key part of a director’s job, but it can also prove challenging to make them effective and enjoyable. If you are a board member looking for support to manage time over runs, lack of focus and support with agendas, our team at Emerald Management & Realty Ltd. can help!
If you are looking for assistance regarding any aspect of property management, including issues related to condo board members, why not give us, at Emerald Management & Realty, a call today?
Talk to us at 403-237-8600 or contact us through our website. We’ll be pleased to assist you in with your condominium management goals!