TRUSTEE ROLES

Advanced Condominium Management has extensive experience in dealing with the Board of Trustees of many developments.

As a result we have developed this brief guide on how to have an effective Board. By following this guide both we (ACM) and you (the Board) can more effectively serve your residents.

ROLES AND RESPONSIBILITIES OF TRUSTEES

• Trustees are made up of and run by volunteer Owners.
• Trustees are elected by the Unit Owners each year.
• Serving on a Board brings with it:
• Rewards, Responsibility, and Liabilities

HOW TO ACHIEVE GOALS OF THE ASSOCIATION

First Consideration:

Trustees run in most cases a Mulit-Million Dollar - Not for Profit Corporation.

Overriding Concepts and Objectives:

• Maintain, Protect and Enhance the Value of the Asset.

What is Value? Value is---

• Market Value / Real Estate Value and the perception of the quality of life of the Owners.
• Reflected by the quality of Leadership that the Board exhibits.

For Trustees to fulfill their responsibilities, they need to understand their job description and role.

Leader of the Company, (Corporation), (Association) Key Person.

1. Provide leadership to the Board in expediting the GOALS of the organization. The Organization must set Goals.

2. The Trustees or Board of Governors, when elected, should to set Goals at the first meeting after the election.

3. Chair the Board Meeting effectively and efficiently.

4. Utilize Board Members effectively.

5. To represent the Board in communicating with its Agents.

• The primary liaison with the Management Company.
• Management Company needs direction from one person.

6. To supervise the Committee and Task Force Chairpersons.

• President appoints Committee and Task Force Chairs, and REMOVES them if they don’t do the job.
• Needs to have Professional Separation - Friends are Friends, Business is Business.

7. Represents the Association in all matters that affect it.

• Develop members for future roles to build continuity and succession plan.

9. Serve as a Role Model by the way he / she serves and represents the Association.

1. To sit in the President’s place in his / her absence.

2. To be continually familiar with all Board activities, and actions in the event of the President’s absence.

3. Duties are the same as the President only when absent.

1. To keep track of the fiscal performance of the Association.

2. To summarize the Financial Reports in writing and give to the Board.

3. To demonstrate an understanding and knowledge of the financial statements from the Management Company or CPA.

Examples of Reports:

• Brief overview: Cash on Hand
• Checking Account / Reserve Balances
• Delinquency Report
• No unusual expenses
• Budget on line month to date and year to date or not
• End of Report

1. To ensure minutes are taken and distributed promptly.

2. Responsible for all Corporate Records.

3. Responsible for all State and Federal Filings.

4. Responsible to maintain the Book of Resolutions.

5. Attest to the validity of certain documents

• i.e.: Condo Docs etc..

6. Secretary to sign and date all minutes to become part of the permanent record.

To be informed and to be prepared to make decisions about every item the Board is to consider relative to the maintenance, protection, and enhancement and value of that asset. Before each Board Meeting, ask questions about the items being addressed that night. HOMEWORK DONE? Be prepared to discuss the business at hand.

1. To council and advise - Giving the benefit of your judgment and expertise and familiarity with the local setting. Input into the process.

2. Consult with the manager on all matters it is considering.

3. Delegate responsibility for all executive functions. You can’t do all the work all the time!!!!! Delegate authority to take action. You can not Delegate Responsibility.

4. To make all staff responsible to the Manager.

5. To share all correspondence with the Manager.

6. To provide support to the Manager and Staff in carrying out their professional duties.

7. To support the Manager in all decisions consistent with the policies of the Board and Standards set by the community.

8. To hold the Manager accountable for the supervision of the Organization.

9. To evaluate the work of the Manager at least annually in a private session.

10. To discuss matters relating to the Manager’s performance with the Manager in other than public settings.

The key to every meeting - Every Board Member’s Responsibility:

No surprises

Planned in advance

Include motions - Pre written

When the time limit has been

reached on the agenda