Whatever the structure or age of the company, each board establishes a set of essential responsibilities for its board members. This includes ensuring that the nonprofit’s assets are used prudently and with care as well as protecting the interests of shareholders, and demonstrating loyalty and adherence to the rules of governance (even even if they aren’t in the best interest of an individual).
Participation in meetings and attendance
It’s no surprise that board members must be available to participate in meetings whether in person or on the web. This means reading the agenda for meetings in advance and actively participating in discussions and decisions. It is also crucial that board members participate in committee activities to assist them in understanding and take part in the activities of the organization.
Financial Management
This includes preparing and reviewing the budget, coordinating reserve funds, as well as making sure that assessments are collected. To make decisions and reduce risks the board should be aware of the financial situation of the community.
Policy Compliance Documents / Documents governing the Policy
This is a very important job that requires an in-depth understanding of all federal, local and state laws. This ensures that the community is in compliance with the law and that the board can make the appropriate decisions in the event of an emergency. This also means that you must be able to address residents’ questions and concerns, and enforce the rules as necessary.