Condo Media - October 2010 - (Page 48)

Insight Board Member It’s Time to Spend Time Learning More About Managing Your Association he day you joined the board, it became your obligation to learn more about your responsibilities and role as a trustee. There are three things a new board member needs to understand: T • Governing documents, including state laws that apply to your community • The current history of your community by reviewing the prior year monthly property management reports • How to broaden your knowledge about association management Most of us don’t read the documents until we become a trustee. When we do, it is hard to absorb all that is in them. It is difficult to interpret some of the things, which is why at times you may need to ask an attorney for clarification. When you do that, be sure to save that information and incorporate it into your trustee handbook for future board members. If you don’t have one, this might be a good first entry into one. Realtors sell condominium units the same way they would sell a house. It is not their job to educate the buyer of a condominium unit, yet trustees like myself spend too much time trying to figure out how a potential buyer can learn about their obligations before they move in and not wait until they put up brown blinds to discover that the rule is that only white can face the outside. As a trustee, this is where your problems can begin with this new homeowner. This is one of the many things that you will discover in your governing documents. Potential owners and residents may not read them, but you must; the decisions you will make as a trustee depend on your having a working knowledge of them. Property Management Reports Your association’s recent history is what you should find in the prior year’s monthly management reports. These are prepared by your management company and give an overview of both the financial and operational aspects of the association for that month. A comprehensive management report will include a board meeting agenda, minutes of the prior month’s board meeting, a financial report, a management report, copies of correspondence, special project status reports, telephone log, work order log and information about unit sales. This may sound like too much information. But, remember that you are 48 CONDO MEDIA • OCTOBER 2010

Table of Contents for the Digital Edition of Condo Media - October 2010

Condo Media - October 2010
Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Management
Legal
Finance
CAI-NE Annual Conference & Expo
Vendor Spotlight
Board Member Insight
Industry Perspective
Advertisers Index
Classified Service Directory
Statement of Ownership

Condo Media - October 2010

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