Board Responsibilities for Co-Op and Condo Owners

Co-ops and condo owners who are willing to serve on a committee soon discover that it’s not an easy task. There are disputes to settle, decisions to make that impact everyone, and books to balance. There is little room for error. Yet, despite the pressures and anxiety, and even though they’re serving for years at a time Many people choose to be on boards.

As a board member who is a volunteer you are bound by three legal fiduciary obligations: obedience, care, and loyalty. It means that their personal or professional interests will always come second to the interests of the company. This also means they must take steps to ensure that the organization is compliant with the law and its mission.

Among the most important of the responsibilities a board can have is to oversee the organization’s activities to ensure they are true to their mission. This requires a thorough understanding of the organization’s services and programs, their participants, and their impact. Monitoring of these activities is essential to the board’s other major duties: strategic planning and financial oversight.

One of the most challenging aspects of being a board member is identifying and stopping patterns of decision-making that have been established over time. Once these habits become established that they’re part the board’s culture it can be difficult to change, and can have devastating consequences for an organisation. It’s crucial that board members are aware of the dangers, and regularly review the board manual or other documents to ensure that they are following a good governance practices.

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