A condo board consists of directors and officers. Directors are those members that are elected by the owners of units themselves, while the officers are people appointed by the board to carry out certain duties.
The minimum requirement of a condo board is to have three officers: a president, a secretary and a treasurer, either of the officers can take on two roles, for example, a president can be a treasurer or a secretary can be a treasurer.
The president is the leader of the board and is responsible for overlooking the affairs of the corporation. This position comes with an immense responsibility and he or she officially speaks for the board and association as a whole. They are required to establish certain goals for the association and ensure that the condo runs successfully.
As a leader, a condo board president presides over all the meetings – whether board meetings, special meetings or annual meetings.
The president is also responsible for:
It is the president’s responsibility to communicate effectively with other board members between board meetings, the contractors who are selected to do a particular action on the complex or the unit owners.
The president must be aware of the latest happenings in the building, such as the status of projects, the amount of finances, etc.
Overseeing Daily Operations
The board president responsibilities include running the condo efficiently and are required to consult with professionals such as accountants, contractors and attorneys. In certain situations, the president may be required to make quick decisions on behalf of the board – therefore it is essential for him or her to be aware of the mindset of other board members as well as the current happenings in the complex.
Handling an Emergency
In case of any natural disasters such as floods or hurricanes, the board president is required to be present to deal with the situation, carry out the emergency response plan and comfort the unit owners in general. People look up to a leader for answers and encouragement.
Representing All Stakeholders
Whenever a major decision is to be taken, the president is responsible for the opinions of all the stakeholders. This could be accomplished through formal or informal surveys.
Preparing for Meetings
The president is the main person responsible for highlighting the issues faced by a condo; therefore, carrying out proper preparations for the board meeting and discussing those issues at the board meeting rests on their shoulders.
Running Board Meetings
Most of the work is carried out between the meetings. The actions taken between these meetings are then discussed at the meetings and they can affect the amount of respect a president receives from the board members. The status of current projects, current financial situation of the condo funds and any future projects are to be discussed and proper minutes taken. Approving these minutes is also the responsibility of the board.
The position of a condo board president is not for everyone; the responsibilities and accountability are immense, but fortunately, a president has a condo board for support. As long as the president has the right aims and goals for running the condo, their job can be very rewarding indeed.