A condo board is the elected representatives of a homeowners association and generally includes a President, Vice President, Secretary, and Treasurer. Their job is to carry out the business of the HOA, which boils down to three main responsibilities.
1. Manage and Maintain
Managing multifamily housing is a big job. The board must hire contractors for maintenance and repair work, select insurance carriers and approved vendors for hire by owners, collect dues, and manage funds.
2. Enforce Compliance and Standards
The one thing that comes to mind when people think of a condo board is actually a small part of their time, but an important duty. Bylaws help protect the community physically and aesthetically, thereby preserving the property value. The board members are required to hear complaints, investigate violations, and levy fines if necessary. However, they cannot make laws without input from owners and must adhere to the privacy protections required by local laws.
3. Plan for the Future
The most important job of the condo board is planning for the future of the community. All associations have a reserve fund to meet the future needs of the property. The board hires an audit company, ensures the reserve is funded, and carries out updates or repairs as needed.
A condo association exists to preserve the investments of its owners. This is an important job and can be intimidating for new board members. Keeping these responsibilities in mind at all times will help ensure the success of the board member, the board, and the association as a whole.