As a recognized homeowners association, your community has a board to help your HOA run smoothly. The board consists of volunteers who execute a wide variety of tasks you may not be aware of; however, their work affects every single resident.
One of the most important things the board does is create and/or enforce the homeowners association rules. While some residents may not like being told what they can and can’t do, ultimately the board is looking out for the greater good. By enforcing the rules, the board is doing its best to keep property values up and conflicts down. Of course, the board wants to make sure the rules are beneficial for the majority, and hopefully all residents. You are welcome to raise concerns about the rules at open board meetings.
Another major responsibility of the board is to collect assessments from homeowners. Collecting this money is important for the stability of the association, because the assessments pay for the common elements enjoyed by all residents. Assessments also help to replenish the reserve funds, which pay for any major repairs the association may need. The board is responsible for the association’s finances, and collecting assessments is how it ensures that the homeowners association remains solvent.
One of the most important responsibilities of the board is to manage the association’s funds. They need to take this responsibility seriously. There are requirements in the law to help HOA boards know some of the needed procedures to help protect resident’s money. Boards must use good business judgment to protect the assets of the community.
Finally, the board acts on behalf of the homeowners association by hiring managers, attorneys, contractors and other professionals who help better the association. Board members also help conceive and lead many of the projects that will improve the HOA.
While it’s a big job, most HOA board members are happy to serve the residents because they are protecting their interests as well in making the community a great place to call home. Encourage residents to learn more about what these volunteers do by talking to their board members, attending an open board meeting or even running for a seat on the board during the next election. The more people you have looking out for your homeowners association, the stronger it will be.