Whatever the age or structure any board has set of primary responsibilities. This includes ensuring that the assets of the non-profit are used with care and prudence as well as protecting the interests of shareholders, as well as demonstrating loyalty and conformity to the rules of governance (even even if they aren’t in the best interests of a specific person).
Participation in meetings and attendance
Board members should be capable of attending meetings in person or via the internet. This includes examining the agenda prior to meetings and actively taking part in discussions and making decisions. Board members must also be involved in committee meetings in order to gain an understanding of the organization and its work.
Financial Management
This involves preparing and reviewing budgets, directing reserve funds, and ensuring that assessments are taken care of. The board should have an understanding of the finances of the community to guide decisions and manage risk.
Policy Compliance/Governing documents
This is one of the most important tasks, and it requires a thorough understanding of the documents that govern the community and a thorough knowledge of all state, federal, and local laws. This ensures that the community is always in compliance and that the board has the ability to make the right choices in times of situation of crisis. This also means that you need to be able to respond to residents‘ questions and concerns and enforce the rules when necessary.
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