Condo Boards work similarly to HOA Boards. They consist of a President, Vice President, Secretary, Treasurer, and other directors who were elected by owners of the community for the volunteer position. Boards oversee and make decisions regarding the day-to-day operations of an association, including finances, maintenance, enforcing all governing documents, and staying in contact with members. They pull together for board meetings to vote on certain issues in the COA, like hiring a new elevator vendor or repairing a pool leak.
Whether you have recently bought a condo or are looking to fill an opening on your condo board of directors, it may be confusing what a board is and how they work for the association. To keep it simple – a Condo Owners Association (COA) has a volunteer board of directors to oversee maintenance of common areas (including roofs, hallways, elevators, pools, and more), enforce all governing documents, communicate to membership, and run the association’s finances.
While the board of directors work as a team for all matters regarding the COA, there are individual roles to help maximize efficiency of projects and enforcement.
President: The president of the board of directors, and in parallel, the COA, helps lead the board of directors towards final decisions. They schedule, lead and attend board meetings – whether the meetings are held monthly, quarterly, or biannually. Presidents also appoint committees, or volunteer groups for specific matters in the COA, and are generally the liaison between community members, the board, and a managing company (if applicable).
Vice President: The vice president works with the president closely on matters regarding the COA. If the president is absent, then the vice president acts on behalf of the president.
Secretary: The secretary takes notes during board meetings, or “meeting minutes”, helps with official documents, and maintains general membership lists/information.
Treasurer: The treasurer oversees the COA’s financials. They look over budgets and report the financial status of the COA to the board and community members. Treasurers often work closely with a COA management company, such as Kiwi Condo Management, for items such as collecting dues and handling legal financial documents.
The board of directors consists of more than those with a title. Often there will be members of a board, simply referred to as a “director”, who help guide decisions and are a resource for those in the community seeking information on COA matters.
As mentioned previously, the Board of Directors is a volunteer-based position. Candidates who wish to join the board are typically elected by the residents of the association, however if there are vacancies then the board can appoint to fulfill the vacancy without homeowner votes. The Board of Directors is incredibly important for a COA to function, as without them there would be no one to handle anything related to the association.
Dues are collected and owners wish to know where they go. It is up to the board to be financially transparent to ensure trust and compliance with those they represent. A large responsibility of the board is managing both an operating budget and a reserve study.
Operating Budget: covers the day-to-day necessities for the community, including insurance, general maintenance, utilities and community events.
Reserve Studies: large, infrequent costs – roof repair, significant damage from a storm, upgrading an amenity, etc.
Board members must allocate funds correctly when dues are collected and properly manage them throughout the year. If they go over budget, a special assessment may be needed or an increase in dues comes the following year.
COA boards may seem complicated, but in the fundamentals, there is only one thing in mind: the residents. Boards are there to help with problems and to keep up with the community.
Interested in hiring a condo association management company to assist the workload? Check out Kiwi Condo Management to help you focus on your community members, not the little details.
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