The Role of an HOA Board of Directors
The role of a homeowners association is to maintain common areas on the property, maintain a sense of community among residents, protect property values, and help residents pay for recreational items or landscaping elements that individuals might not be able to pay for on their own. To be properly run, a board of directors carries out all of these responsibilities.
Members of a board typically work without pay and operate under the laws laid out when the homeowners association was formed. The board forms policies for the property, and then names directors and agents to carry them out. Most boards will have a president, a vice president, a secretary, and a treasurer. The responsibilities of the agents individually and the board as a whole may include:
- Establishing fiscal policies and maintaining good records
- Developing a budget and acting on it
- Setting aside reserve funds for large purchases
- Establishing and enforcing rules and penalties for the association
- Ensuring that bylaws adhere to local laws
- Selecting resources for the association, like attorneys, insurance agents, and accountants
- Ensure that all board members are aware of major decisions and voting schedules
Serving on a board is similar to running a business and comes with it many of the same responsibilities, but the rewards of protecting and improving the property of fellow residents can be immeasurable.
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