The 10 Tips to a Successful Board
1. Board members are willing to work together to create a climate of trust and candor. Board members regularly work together to eliminate polarizing factions.
2. Board members make board decisions based on what is in the best interest of the community and not for any personal gain or retribution for some past experience. Board members respect their fiduciary obligations.
3. Board members are willing to strive for transparency and openness in conducting board business. Board members are willing to conduct self-evaluations on board performance and are therefore open to feedback to help learn and improve the board's effectiveness.
4. Board members are willing to be consistent and reasonable when enforcing violations.
5. Board members are willing to make the difficult (but prudent) financial decisions with regard to preventative maintenance expenditures and proper funding of reserves for replacement.
6. Board members are open to challenging one another's assumptions when conducting board business by recognizing that civil dissent could be productive and may lead to better decisions.
7. Board members are willing to commit themselves to board business by: a.) regularly attending meetings and reviewing board packet information for meetings; b.) offering their individual skills/strengths to the betterment of board actions and; c.) providing an adequate amount of time and effort to the roles and responsibilities of serving as a board member.
8. Board members understand the role and responsibility of their Property Manager and Management firm. This includes regularly discussing the way boards wish to interact with the Property Manager on management activity and how best to utilize their skills and resources.
9. Board members understand the liability they have while serving on the board. By recognizing that certain decisions and actions by boards can result in litigation and the board may be held accountable on a personal basis. Being aware of this may help board members to act more judiciously.
10. Board members are committed to gaining a general familiarity with the following information:
a.) Association documents (rules and regulations, declarations and by-laws), state statues and federal and state laws that impact board operations; b.) Standard insurance coverage as well as, terms of existing vendor contracts and; c.) Standard accounting practices and procedures and/or willingness to allow someone with knowledge in these areas to take the responsibility for these all important areas.
Thank you for reading the Imagineers Board Newsletter. If you have any question or need any additional information on any articles provided in this newsletter, please contact us at 1-800-560-7268.
Imagineers LLCEmail: Gpassacantando@imagineersllc.com
Phone: 1-800-560-7268
Fax: 860-236-3951
Web: http://www.imagineersllc.com
