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| Thursday, January 08, 2009
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| IHG Insurance (National Insurance Provider) |
| Providing Community Association Insurance for over 25 years: D&O Liability, Crime Products, Umbrella Coverage and Property Manager's Errors & Omissions Liability. |
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| Author |
Messages |
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GeorgerwilliamsW
(Indiana)
Posts:768
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| 08/10/2008 3:32 PM |
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This article provides some very interesting reading and ideas. It is worthy of consideration, I think.
No matter the size, association boards need expert advice
8/10/2008If we as humans need to have role models, advisers and coaches just to help us learn to cope and make the right decisions, how about that new condo board? Do you think they know how to prepare a budget, collect delinquent assessments, decide who pays for the leaky toilet, all on their own?
http://www.dailyherald.com/story/?id=226274
"Not all new members have the time or inclination to attend seminars or read available materials to bring themselves up to speed, while at the same time, we are seeing a shocking increase in a new species of board member, the "know-it-all." These creatures are not only dangerous to themselves but their fellow board members and the association as well."
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BonnieE
(Illinois)
Posts:176
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| 08/12/2008 12:01 PM |
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Hi George,
I agree that BODs need expert advice on all aspects of running the HOA. I think this is true even with a good MC, as they can only do so much. My belief is that BOD members should be proactive about learning all they can, which doesn’t necessarily mean attending seminars. The internet is an excellent source of information as there are several websites available (such as HOATalk!). In addition, in my experience, there is “free” consultation out there, if only one were to ask. For example, we had a ½ day financial management session by our MC’s finance department (how budgets are prepared, what do all that types of paperwork comprising the financials mean); meeting with a reserve consultant to learn about reserve planning; meetings with our Village arborist and landscaping company to learn about plant and tree care; meeting with painting contractor to learn about wood and how to protect it (decks and trim); meeting with a pond/natural landscaping consultant to learn about options for water retention basin (pond) maintenance.
I will readily admit, though, that BOD members need to be open to learning as this has been a challenge with ours in the past (long story here about how the MC should do everything - but our BOD is now on the right track). :-)
Great article (BTW, the author’s firm has many articles covering HOA management, including a few tongue-in-cheek articles worth the read for a good chuckle).
Thanks for sharing,
Bonnie
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