Almost all buildings have an association responsible for the smooth running of operations on behalf of the homeowners. Board members are generally elected by the other members of the community. Their responsibility is to operate, repair, replace, and maintain the development’s common areas such as outdoor areas, elevators, and common areas. In simple terms, an association is responsible for looking after their building.
Here’s what the five fundamental roles are in a successful condo association, and what you need to know about their responsibilities.
Similarly to a CEO of a company, the main role of the President is to oversee the majority of the decision-making process. They are the face of the organization and essentially, the final say comes down to them. They carry out contracts, orders, and documents on behalf of the association, and it’s their responsibility to ensure that proper meeting procedures are followed, meetings stay on task, and other board members’ voices are heard. In addition, they make sure all board duties are fulfilled with the community’s best interests in mind. This position requires an in-depth knowledge of the regulations, bylaws, and operations of the association, as well as public speaking and leadership skills.
The Vice President’s responsibilities are virtually the same as that of the President. This is because their primary duty is to assume the role of the President when they are unable to do so themselves. This includes instances where the President is sick, out of town, or otherwise incapable of completing their regular duties. This however doesn’t mean that the Vice President has nothing else to do, as the President can still delegate Vice President duties. The Vice President has to be equally informed about the regulations, bylaws, and operation of the association.
The Secretary handles all documentation that are not financial records for the association. Therefore, the Secretary needs to stay compliant with all legal requirements, including submitting forms before deadlines. Their responsibilities also include giving proper notice of all meetings, recording meeting minutes, and distributing essential documentation to the other board members. In addition, their duties include filing corporate annual reports and attesting to legal documents signed by the President on behalf of the association.
The Treasurer manages, as you may guess, the association’s finances. Their responsibility is to keep a detailed record of current funds and all transactions sanctioned by the association including billing, operational costs, and the collection and allocation of funds. They are also in charge of creating the annual budget and maintaining the right reserve level for any unplanned expenses, as well as making any approved investments. The Treasurer also has to keep other board members informed of the association’s financial status.
Sometimes, associations hire property management companies to help with management tasks and ease the burden of the board’s responsibilities. In this case, the responsibility of the Property Manager is to oversee tasks and be the main point of contact between the board and the management company. When it comes to hiring a property management company, there are some important qualities to look out for, which we’ve collected in our previous article.
At Hales, we make day-to-day management duties easier for associations. Get in touch with us and request a proposal today!