How an HOA Works A board of directors is responsible for the operations of an HOA. Newer communities may still have boards controlled by builders and developers. Board members are volunteers who work to enforce governing documents, manage financial aspects, and maintain common areas. Essentially the...
the board can slap fines on homeowners who break the rules or damage the common areas. HOAs can also place alienon a property if a homeowner falls seriously behind on their dues.
Even seasoned boards have to be alert to avoiding even the appearance of a conflict of interest when it comes to bidding. Having a board member who is a plumber, for example, really helps when something comes up regarding the building’s pipes. But when it comes to actually procuring a fo...
2. Make sure that each Board member has a “job.” Often times, the Board serves as the officers of the Association as well. Review your Bylaws for such duties or adopt a job description for each officer and Board member. Before you hold a Board member/officer accountable for their respe...
When it comes to disclosure of financial information to shareholders and/ or non-board residents, experts suggest transparency as the best policy. “Transparency and full disclosure is always the healthiest way to conduct affairs as a board member,” Love adds. “If the board is withholding infor...