Board Responsibilities for Co-Op and Condo Owners

Many co-op or condo owners who volunteer for board service soon find out that it’s no picnic. There are feuds to settle, decisions that affect everyone, and books to balance and financials with no room for error. Many people opt to serve on boards despite the stress and pressure, even when they’ve been volunteering for years.

As a volunteer board member You are obligated to three legal fiduciary responsibilities: obedience, care and loyalty. This means that the interests of the organization are more important than their personal or professional interests. This means that they must make sure that the compliance of the company with the law and its objectives.

One of the most important aspects of the duties a board has is monitoring the company’s programs to make sure they stay true to its mission. This requires a thorough understanding of the organizations’ programs and services, who participates in them, and their results and impact. This ongoing monitoring is crucial to the board’s other responsibilities, including financial oversight and strategic planning.

One of the most difficult aspects of being an executive board member is identifying and preventing the patterns of decision-making that could have been developed over time. Once these patterns are so established, they can become part of the culture of a board. They could have devastating effects on the business. It’s essential that board members are aware of the dangers, and regularly review the manual for board members or other documents to ensure that they adhere to good governance.

Nema komentara.