Board Responsibilities

Officers of the Association

 

Each association typically has a President, Secretary and Treasurer and may have one or more Vice Presidents

 

President is vested with all the powers generally given to the chief executive officer of a corporation

 

1. President presides at all meetings

 

2. The President executes contracts, orders and other documents in the name of the association. When signing documents, the President should indicate to capacity in which he/she is signing in order to avoid personal liability, since the President’s signature, will bind the association under a doctrine or inherent powers.

 

3. The President also assumes general charge of the day-to-day administration of the association and has the authority to order specific actions in furtherance on the board’s policies. The President serves at Spokesman for the Board of Directors in most matters relating to the general association business.

 

Vice President is vested with all the same powers required to perform the duties as President. V.P may act for the President only when the President is actually absent or otherwise unable to act. The Vice President may assume such additional duties as are defined by the Board of Directors. Often the V.P. will chair one or more substantive committees.

 

Treasurer is the custodian of the funds and financial records of the association. 

 

Treasurer will give the annual financial report on the financial status of the corporation. The treasurer does not have the authority to bind the association or the Board of Directors dealings with 3rd authority for the treasurer to do so. The treasurer does not have to perform day-to-day record keeping functions of the association. But the treasurer will ultimately be responsible for insuring that the financial records of the association have been maintained properly in accordance with sound accounting practices.

 

Secretary is responsible for keeping and maintaining a record of all meetings of the board and the membership and is custodian for most of the official records of the association.

 

Finance – It is up to the Board of Directors to handle the condo association’s money. Every member of an association is assessed a fee which funds association operations, such as repairs and administration. It is the director’s job, according to the Condo Lawyers website to review the next year’s budget and set the annual fees to pay for services while maintaining a reserve for emergencies. 

 

The board members are elected by the condo owners to run the association and manage condominium property, which the board may do directly or by hiring a manager. Condo owners rely on the board to resolve community problems ranging from building damage to unruly residents.

 

To be effective a homeowners association needs a strong board of directors that understands its role and pursues it with a passion and a concise mission in mind.The following outline provides an overview of the board rules and responsibilities.

 

*The directors MUST take action against owners who don’t pay. The expenses of running the Grandview Palace condominium are shared among all of the members, and if a Unit Owner is not paying their fair share, the association will take action against them.

 

• The association will sue offending Unit Owners for back dues, along with the attorney fees and court cost.

 

**It is the intent of the present Board to work with you, if you demonstrate an earnest to cooperate with us. Then we can all look forward to being winners in the road ahead.