Board members must understand where, how, and why money gets spent. Most associations are multi-million-dollar nonprofit corporations, which means the board runs a small to mid-size business-with all the decisions, exposure, and liability that come with it. Managing and overseeing the community's finances is one of the board’s most significant tasks. Managing the financial aspects of the HOA. Everybody is expected to follow the same standards. ![]() However, as residents of the HOA themselves, committee and board members don’t hold special powers that exclude them from abiding by the same rules and regulations as all the other residents. These standards protect the resident’s investments, and board members are responsible for enforcing them. Enforcing governing documents.Īfter purchasing a home that’s part of a community association, all residents automatically become a member of the association and must follow its rules and regulations. However, responsibilities can be distilled down to three key categories: 1.
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