In our work processing sale documentation for clients, Haus Financial Services is finding that buyers and lenders are scrutinizing information more and more. This includes your meeting minutes. Recording meeting minutes is essential for ensuring transparency and providing a clear record but to avoid misunderstandings, minutes should focus on decisions, not discussions. Here’s why and how to implement this approach:
Why Focus on Decisions?
- Clarity for Buyers: Buyers reviewing minutes might misinterpret unresolved discussions as finalized decisions.
- Prevent Misinterpretation: Discussions often include preliminary ideas that don’t reflect final outcomes.
- Streamlined Recordkeeping: Decision-focused minutes are concise and professional.
What to Include
- Meeting Details: Date, time, location, attendees, and quorum confirmation.
- Approval of Prior Minutes: Note approval or amendments.
- Decisions Made: Record motions, who made and seconded them, and the outcome (e.g., “Motion to approve $10,000 for lobby renovations passed unanimously.”).
- Action Items: Document tasks, responsible parties, and deadlines.
- Adjournment: Note the meeting’s end time.
What to Exclude
- Detailed Discussions: Summarize outcomes instead of recording every opinion, or omit discussion altogether if no decision has been made.
- Speculative Comments: Avoid “what-if” scenarios or preliminary suggestions.
- Confidential Information: Keep sensitive topics, like owner delinquencies, out of general minutes.
By focusing on decisions rather than discussions, boards can maintain professional records, avoid confusion, and build trust while ensuring compliance with legal requirements.