What would be the one thing concerned owners want from their leadership? Accountability. It really can be that simple. It boils down to that one basic expectation that lays the groundwork for how the board will function. It is reasonable to expect board members to be held accountable. Why? Let’s start with the foundational fiduciary duty that board members are bound by. A fiduciary is there to operate on behalf of the residents and only in the best interest of the association. Trust and loyalty are two words that imply accountability and are intertwined with the meaning of “fiduciary”.
Homeowners want to know:
Who is to be held accountable?
How will that duty be measured?
What will be done?
What are the consequences of NOT doing the things to be done?
When are deliverables expected, meetings to be held, or items to be posted?
How can board members act so that most of the questions are answered for homeowners? To begin with, they can consider their current conduct, spending restrictions, and transparency. These three items are usually brought up by frustrated homeowners when community association tempers start to flare up. Homeowners want to deal with a board that conducts themselves in a professional manner, has limits on the association’s funds, and provides transparency via documentation.
A board can easily improve their leadership capabilities by do some of the following:
· Attending Board certification courses.
· Sharing community developments via a newsletter or President’s message.
· Contracting a professional manager.
· Management providing monthly reports that can be shared with residents.
· Place documents online for residents to view at their leisure.
· Allow for feedback from residents on agenda items during board meetings.
· Consult with professionals such as attorneys, engineers, or accountants when necessary.
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Based on the simplicity of the recommendations above, you would think that being a board member is easy. It isn’t. It can be quite a time-consuming position. A position that is not paid. If you are in this position, you’ll need guidance. Especially if you are taking over for a previous board that left you with a mess. Please visit my website’s blog and learn more about being a good board member and how to deal with difficult homeowners.