Homeowner’s Associations have a large responsibility to residents, and while the overall goal is to maintain and enhance property values by adhering to set rules and guidelines, following through on these commitments rests on the shoulders of the Board of Directors. In times where people are weighing the benefits and the true value of what they’re being offered, it’s crucial that your association understands and covers all duties of an HOA Board.
The Duties of your Homeowner’s Association and Board of Directors can include things such as:
- Host and take part in HOA/community meetings.
- Oversee financial responsibilities and ensure Association is handling all items outlined.
- Keep members informed of actions and transactions made by the Board.
- Vote on necessary actions and document the outcome of the votes.
- Keep insurance coverage up to date and ensure all laws are being followed.
- Enforce all documents, rules, and guidelines relating to the Association and the community members residing within the Association.
- Keep accurate financial records.
- Develop budgets that meet the needs and requirements of the homeowners association, and stick to said budget.
- Make sure reserve funds are kept at acceptable levels.
- Authorize legal action for homeowners association members who don’t comply with the rules.
- Review local ordinances, rules, regulations, and laws before sending changes to the Association for a vote. The Association must be in compliance with local and state ordinances and laws at all times.
- Choose professionals, such as attorneys, insurance agents, etc. to do business with.
If seeing the duties of an HOA Board outlined below has you feeling a little overwhelmed, contact Prism Realty Management. We’re here to take some of the stress off your plate and make managing your Association a breeze. Learn about who we are, the services we offer, and our process, then give us a call at 512-676-5842.