Helping Your HOA Board Stay Productive and Successful
As Arizona’s leading HOA Management Company, we get that! Volunteering as a board member can feel like a full time job. And with so much going on it’s difficult to take time out to evaluate your HOA and its specific needs. While no two communities are the same, there are several key fundamentals that any board can use to keep its HOA on the path to success:
Leadership: Honesty is the best policy! Ask the following questions and listen to the answers: Do we have strong leadership? Are we committed to the continued education we need to fulfill our duties? Do we understand what fiduciary responsibility means for our community? The more open and honest your evaluation is the stronger your board will become!
Communication: This is one of the most important areas of focus. There are several ways to communicate with your residents; through newsletters, the HOA website, emails, etc. Find which method works best for your community and do it…often! The more you communicate about recent changes, issues that arise and how they are being resolved and update the community the smoother your HOA will run.
Finances: There is no easier way to gain trust and no easier way to erode trust than by how the Board handles your community’s financial responsibilities. Budget and spending practices are important considerations. After all, it’s not just your money and making monetary decisions affect the entire community. Transparency is essential! Regularly balancing budgets and getting that information out to residents alleviates the stress that constantly surrounds financials.
Reserves: Fiduciary responsibility includes preserving, maintaining, and enhancing the value of the assets of the community. What if an emergency arises? Will you have the money on hand to fix it? Having an accurate reserve study done and then funding it allows the community to prepare for these unexpected challenges, thus fulfilling an important aspect of your fiduciary responsibility.
Questions always arise and when they do we invite you to contact us today - we are here to help you and your board in any way we can!