Most board members take their position seriously, but there are a number of potential liability issues if a board member isn’t careful.
Here are some of the common mistakes board members should avoid:
- Holding meetings incorrectly
It is considered a board meeting any time a majority of members are together and talking about association business. Board members should be aware of what can be discussed outside of a properly noticed board meeting.
- Not adhering to governing documents
Every board member should read and become familiar with the bylaws and all other association documents. Failing to read and adhere to governing documents leads to legal liability.
- Mismanaging association funds
Many condo boards fail to plan for emergency maintenance, repairs or long-term finances. Boards need to create realistic budgets and plan for the future.
- Becoming overzealous
Sometimes new board members make big decisions too quickly. It is always best to weigh any major policy changes carefully.
- Not seeking legal advice
If you are dealing with a situation that could possibly turn into a lawsuit, it is best to work with the association’s attorney for advice and procedure.
There is a lot for board members to navigate when managing a condominium building. Consider hiring management support for guidance and direction on your condo business matters.
Learn more here.