Being on the Board of your community association is no small task, and joining is an admirable thing. If you’re part of your HOA or Condo Board of Directors (or Trustees), congratulations, and thank you for choosing to give back to your community!
Volunteering to serve on your HOA Board places you at the heart of your community’s future, providing a platform to champion initiatives that make your neighborhood a better place to live. It’s an opportunity to create a legacy of positive change and community enhancement that will be felt for years to come.
The Rewards
Serving on the board is one of the easiest ways to directly contribute to your community. Considering your home is likely your biggest investment, there are some real rewards that come from serving.
You will gain valuable knowledge and relationships.
Serving on the board allows you to develop important skills such as leadership, communication, conflict resolution, financial stewardship, and strategic planning. The experience and networking connections you gain as a board member can easily be applied in your professional and personal life.
You have a direct impact on the direction and future of your community.
As a member of the Board, you will have a voice (and a vote) in all decisions regarding your community association. Regardless of your position on the board, your vote carries equal weight, giving you an equal share of control over the direction, rules, policies and strategy for your association’s future.
You have a say in the community’s budget and financial oversight.
From setting budgets to selecting vendors to deciding on investment strategies, your input helps safeguard the community’s financial health and, by extension, the property values within it.
The Responsibilities
The other side of the coin are the responsibilities that come with the job. Although it is a volunteer position, there is a lot of work to be done. The success of your community is heavily influenced by you and your fellow Board Members, and you must take your responsibilities seriously. Remember that your community association is more than just a neighborhood, it’s also a corporation, and needs to be run as such.
You have a fiduciary duty to your community.
Every community association operates on the cash flow from monthly (or yearly) assessments, and it’s up to you to make sure those dollars are being spent properly. Another part of that duty is ensuring that missed payments don’t turn into delinquencies that can lead to foreclosure.
You have a responsibility to uphold safety in your community.
Spending isn’t just about keeping the lights on, it’s about maintaining the integrity of common areas throughout your community. This is especially important in condo buildings, where structural integrity is of the utmost importance. Despite rising costs of maintenance or repairs, keeping your home not only livable, but safe, is a large part of your role.
You have an obligation to enforce the rules of your community.
Enforcing rules can lead to hurt feelings or anger from once-friendly neighbors, it’s true. But your Board position requires consistent accountability, otherwise your Board risks accusations of selective enforcement.
CAI recently shared a fantastic resource to help new (or even seasoned) Board Members navigate the role they play in their community. It comes complete with information that will be needed throughout the job, resources to rely on, templates for important forms and documents, and tools to help you support your community through everything you face.
Get the eBook here, or just take a peek at some of the sample pages here.
