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Board Responsibilities for Co-Op and Condo Owners

Many owners of condos or co-ops who sign up for board service quickly discover that it’s no picnic. There are disagreements to resolve and decisions to take that will affect everyone and balances to be maintained between books. There is little room for error. Yet despite the pressure and stress, and despite the fact that they’re volunteering for years at a Many people choose to join boards.

As a board member who is a volunteer you are bound by three legal fiduciary obligations- obedience, care, and loyalty. This means that the needs of the organisation are prior to their personal or professional interests. This also means they have to take action to ensure the organization is in compliance with the law and their mission.

One of the most important duties of a board is to supervise the organization’s program to ensure that they remain committed to their goals. This requires a detailed understanding of the organization’s services and programs, their participants, and their impact. The ongoing monitoring of these activities is critical for a board’s primary duties: strategic planning and financial oversight.

It can be difficult to discern and prevent patterns of decision-making that have been established over time. Once these patterns are so well-established, they become part of the culture of a board. They could have devastating effects on the business. It’s why it’s vital for board members to be aware of the risks and to frequently review the board manual and other documents to ensure they’re adhering to good governance practices.

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