HOA Boards
HOW DOES A HOA BOARD OF DIRECTORS WORK?
The whole point of HOA boards is to promote the concept of community among fellow condominium dwellers, but how does an HOA Board of Directors work? Alliance Management Partners is giving you a peek behind the curtain to help you improve your concept of your HOA’s Board of Directors and the impact they have in your HOA’s decision-making process.
PRESIDENT
The President takes ownership of the day-to-day administration of the HOA and is the board’s spokesperson for association affairs. Usually, they will preside over the meetings involving the council and residents. The president executes contracts, orders, and other documents on behalf of the association as well. Any agreement the president signs or charges will be done in the name of the HOA and will be considered legally binding. As you can guess, the President holds much of the power when it comes to decision-making.
VICE PRESIDENT
While the vice president is also entrusted with the powers to perform the president’s duties, they do not automatically possess inherent powers to act in the capacity of the president. They may only do so when they are absent or otherwise unable to perform due to illness or accident. Unless the timing is right, you won’t find the vice president making many decisions without the president’s oversight.
SECRETARY
The secretary is accountable for keeping and maintaining a record of all HOA meetings. The secretary ensures that all board members and residents can access these documents as well! Usually, the secretary is also responsible for finding an assistant secretary to record the sessions.
TREASURER
The treasurer supervises the funds, securities, and financial accounts of the HOA. Responsibilities include guaranteeing that financial records and statements are accurately stored and maintained. The treasurer can also be responsible for coordinating the development of the proposed annual budget and planning and presenting the HOA's annual financial report. Arguably the most critical position on the board.
With a better understanding of what positions make up your HOA Board of Directors, the next step is to become a part of it! Having a say in how your HOA Boards fees are spent and what services are needed to keep your property value high is something you’ll wish you did later! Contact us today to find out more!