CAI-NJ Dec. 2018 (w)

BOARD LEADERSHIP... from page 43.

to-day running of the community and the service providers that are contract- ed by the community. An attorney interprets the governing documents and addresses any legal issues that arise such as liens and foreclosures. An accountant maintains the books and ensures that community-based

accounting rules are followed. An insurance agent makes sure the asso- ciation is covered in the event of loss. These partners’ roles need to be understood by a board. Lastly, it comes to rules and regu- lations. Every member sitting on a board should be familiar with the rules and regulations governing their community. Some rules may have been written long ago and may not be effective anymore. Additionally, with the rapid advance of technology, the existing rules might not be suffi- cient. Inevitably, conflicts will arise between residents and the community with regards to adherence to the existing rules. A board will have to manage the conflict. To add a degree of complexity to this part is having an understanding of the impact of various local, state, and federal laws that may require changes in your rules. A vital resource should be the lawyer who can help you interpret the law. As you have just read this was a fairly broad but in-depth training session. The questions from all participants offer unique insight into challenges that com- munities are facing. Lastly, while this training is not required to sit on a board, it should be. Too often boards are dealing with issues that have been cre- ated by well-intentioned but uninformed board members and the community is the one that suffers. Community living is not something that the skills and experi- ence in our professional lives necessarily translates directly. Education on the difference is vital. n

The fiduciary responsibility of a board does not fall only on the board member’s shoulders. Key partners are a vital key to board effectiveness. A property manager manages the day-

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“Key partners are a vital key to board effectiveness.”

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Taylor Management Company has been managing community associations for decades. We have been recognized by the Community Associations Institute (CAI) as an Accredited Association Management Company (AAMC) and by the Institute of Real Estate Management (IREM) as an Accredited Management Organization (AMO). These designations are accorded for the highest level of ethics and professional management in the industry.

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