About the Association
Our Association is governed by a five member Board of Directors elected to office by the members of the community. Elections are held annually with each Director serving a one year term. The Board of Directors is composed of a President, a Tresurer, a Secretary, a Sub-Secretary, and a Sub-Tresurer.
Board members are ultimately responsible for the operation and management of the association. The associations has duty to enforce provisions in the operative documents.
Associations operate similar to large publicly held corporations regardless of their size. The members (stockholders) elect a Board of Directors to run the association (corporation). The Board in turn holds meetings and set policy on how the association (corporation) will operate. It also hires management (staff) to carry out the day to day duties of the association (corporation) such as managers, accountants, maintenance personnel and contractors. The manager, accountant, maintenance personnel or contractors can not just do anything they want. They receive their authority and directives from the Board of Directors.
As in a publicly held corporation the stockholders (members) hold the Board of Directors responsible for the operation of the corporation (association). The Board of Directors is the ultimate responsible party for actions taken by the managing agent of the association. The Board of Directors has a fiduciary responsibility to its members and must oversee the actions of the manager. Failure of the Board to take action for non-action by the managing agent carries the same fiduciary responsibility as taking a wrong action.
In order for management to act, the Board of Directors establishes :
- Rules and Regulations
- Architectural and Design Guidelines
- Collection Procedures
- Meeting Procedures (Annual, Board and Special Meetings)
- Employee Responsibilities
- Annual Budget and Assessment Payments
- Establishes Management Duties
Once the Board of Directors establishes the guidelines and procedures, management takes over the day to day duties according to such guidelines and procedures. The Board monitors the overall operation of the association on a month to month basis. It must be attuned to the needs of the members and make sure all members are treated equally and fairly. It must monitor the income and expenses with the goal to protect the assets of the association. However, the Board must let management do it's job and not interfere with the daily operation of the association and the managing agents duties. The Board must also stand behind management in conflicts with members as long as management has followed the Board's guidelines and procedures. Its a team effort between the Board and management.