1. Think about the Big Picture: deal with issues that people bring to you, but also keep your mind on all aspects of your mission. The buildings, the residents, the neighborhood, the lenders, the management company, and what is not included here.
2. "Fiduciary" responsibilities
-- meaning manage your money well. You are managing the money and the other assets for all the organization's members. So: | Be honest. |
| "Due diligence" |
| Manage it for its best return. |
| Set annual budget |
| Audit once a year. |
3. Run organization democratically.
| Adhere to Bylaws |
| Hold elections regularly |
| Meetings should be open and well-announced. Bring major issues to membership. |
| Committees |
| Provide plenty of information about what you are doing. |
4. Operate your development
| Supervise your manager |
| Understand the laws that pertain to your housing |
| Make sure the housing is safe and sound and the residents are reasonably content. |
5. Supervise your Contractors and Staff
| Always select your contractors through a "Request for Proposals". |
| Consultants should have contracts. |
| Remember that you are the boss - Large decisions should be yours. At the same time, you hire a contractor because you trust them. You shouldn't need to check every little thing they do. |
| All consultants, contractors and staff should know exactly who is supervising them, whether a single person or the Board. Other Directors or Members should not attempt to direct that contractor or staff person. |
6. Keep records. Have an office.
| Keep meeting minutes and notices and sign up sheets. |
| Keep monthly financial records. |
| Contracts and other binding documents. |
7. Build the Organization
| Resident Selection |
| Orientation of new Residents |
| Recruitment of active members for Association |
| Committees |
| Leadership Development |
8. Education
| For new members |
| For new directors |
| Refresher courses |
| Ongoing learning |
9. Strategic Planning
| Know yourself and your organization. |
| Set goals and means of reaching them. |
| Evaluate your progress toward these goals |
10. Limits to Your Power
1. Individual Limits - Trustees as individuals have no powers except what the Board specifically delegates to them. Officers have certain powers as described in your Bylaws.
2. Legal Limits - The Board must act legally. For example,
| It must observe the terms of its contracts; |
| It must observe state Housing Laws. |
3. Affordability - The Board must keep the Association in compliance with the Regulatory Agreement.
4. Board Limits - The Board only has the powers delegated to it by the Bylaws. The Board does not have the power to make decisions concerning anyone's personal life, except as it is affected by Bylaws.
5. Practical Limits - While not required, in order to best execute your responsibilities as a Director, you will do best by treating all other Trustees, your Owners, your Management Company, and Staff, with respect and consideration at all times.
