No matter the age or structure, every board has a specific set of responsibilities. This includes ensuring that the assets of the nonprofit are used with care and protecting shareholders’ interests, and showing loyalty to governance regulations even when they’re not in a person’s best interest.

Attendance at Meetings and Participation

It is a given that board members should be available to attend meetings, whether in person or on the web. This includes reading the agenda prior to meeting and actively participating in discussions and decisions. It is also crucial that board members take part in committee activities to ensure they understand and take part in the activities of the organization.

Financial Management

This includes preparing and reviewing budgets, directing reserve funds, and ensuring that assessments are collected. To make decisions and manage risks, the board must be aware of the financial situation of the community.

Policy Compliance / the Governing Documents

This is an extremely important obligation that requires a thorough understanding of all local, federal and state laws. This helps ensure that the community is in compliance, and the board can make appropriate decisions in the case of a crisis. It also means being able answer questions from residents and address their concerns, and enforcing rules when needed.

By Marija

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