According to the Community Association Institute, 69 million people live in an HOA. If this includes you, it might not be immediately evident what your HOA board does or why. Today, we’re discussing what an HOA board should do for you, and how a Winston-Salem property management company like ours can provide the support your board needs to make your community a desirable and comfortable place to live.
Maintaining Governance and Oversight
Most HOA board members are volunteers, and the role can be challenging and rewarding. It can also be time-consuming. One of the most important roles of a board is to provide governance and oversight. Boards have to hold the homeowners in the community accountable to all the rules and regulations that are in place.
The HOA board must maintain and enforce the bylaws, the rules, and the regulations. This will not always make board members popular around the neighborhood. However, this oversight is necessary in order to protect your community and ensure everyone is treated fairly and consistently.
HOA Board Meetings
The association board will need to meet regularly. Check your bylaws for the required number of meetings. The community and homeowners have a right to attend or participate in these board meetings, so if you’re interested in the business of the board or you have something to share with the community leadership, you should attend the meeting.
A good board meeting will have an agenda, and the meeting will be productive. Most boards will have a president, vice-president, secretary, and treasurer. Each elected official should give a report, and any outstanding issues should be addressed and discussed. The meeting minutes are a matter of official record. Make sure they are accurate, transparent, and kept on file in case any residents want to see them.
Board Must Provide Budgets and Planning
Your HOA board will be responsible for planning budgets and collecting association dues. The treasurer will have most of the oversight in these matters, and everything must be documented and audited on a regular basis. You’ll need several different accounts for your association. An operating account will pay the regular bills; landscaping, security, pool cleaning, etc. You should also have a reserve for capital improvements, assessments, and other long-term or major expenses.
Professional Community Association Management
In this blog, we’ve shared a simple introduction to what an association board does for its community and its residents. There’s a lot more involved, and it can often become complicated. If your association needs some direction and support, please contact us at Capstone Realty. We’d love the opportunity to help.