Every condominium association is made up of members who form the board of directors. They normally work together to ensure that the bylaws of the association are enforced as well as take the time to pass on the bylaws information to the residents within the property to ensure that they abide by them in order to make the condominium a success.
The duties of the association are divided among the board members with each one taking responsibility for certain areas. This makes it very easy to manage the association, thereby increasing its prospects of being successful. The division of responsibilities is also a good way of ensuring that the property is well protected and well taken care of as well as the residents within it.
Financial management responsibility
One of the responsibilities of the board members is to ensure that the community or property stays within the set budget in every case. Any improvements that require spending money as well as maintenance of the amenities within the property are assessed beforehand by the members, after which they come up with a budget, ensuring that all expenses stay within the set limits.
Compliance with laws and regulations
The other thing that is the responsibility of the board of directors for the condominium association is ensuring that the state laws and regulations are complied with. The laws differ from state to state and it is the responsibility of the board to get all the information it needs to ensure the association abides by the governing rules, keeping the instances of lawsuits at a minimum.
Completion of tasks
The board of directors is responsible for completing the different tasks and duties of the association. For instance, the secretary is in charge of meeting minutes as well as communication of news while the president is in charge of conducting the meetings as well as bringing up condominium matters before the rest of the board members.
Outsourcing of Duties
The board is also responsible for hiring professionals with the goal of making the association a success. They will, for instance, have the responsibility for choosing the right management company for the different services that may call for the intervention of such professionals. They will assess the reliability and reputation of the company and the effectiveness of the company’s staff in offering the kinds of services they need. This makes management quite easy and the condominium association will definitely be successful.
Welcome to Cedar Management Group, Our commitment is to provide Condominium Association services 24 hour/ 7 day a week. Our Property Management Accounting team understands the challenges to control cost, increase property values, and reduce the time commitment of the community volunteers in Accounting for Property Management.