CAI-NJ March 2022

SUCCESSFUL BOARD... from page 56.

LOOKING AHEAD... from page 6.

ough inspection of the site and provide a report including a detailed analysis of the condition of the common elements, as well as a financial forecast. This forecast will indicate what level of funding is required based on the current condition of the common elements, as well as the current financial condition of the replacement fund itself. Although there are no guarantees in life, boards can minimize the risks of special assessments and loans by following the recommendations of the engineer. Another best practice for board members is to familiarize themselves with the rules and regulations of the site. There is a plethora of information included within the governing documents and / or bylaws that can dictate how the business of the site should be run. For example, governing documents may include voting requirements for special assessments, budget increases, loans, etc., and may also include requirements related to bidding for new contracts, electing new board members, etc. Boards should work with their attorneys to ensure that they are familiar with all regulations of the site, and to ensure that they are carrying out the business of the association by following the govern- ing documents. At the end of the day, the success of an association is directly correlated to the decisions of the board. Although the task of managing the association is a volunteer position, it is one that does not come lightly. Boards have a fiduciary duty to act in the association’s best interest. Anyone who volunteers their time and is elected to serve their community should be commended for their efforts! While it may seem like a daunting task, it is important to know that you do not have to navigate it alone. By creating a team of profession- als (property manager, accountant, engineer, lawyer, etc.) there is no reason for a board member to doubt their ability to carry out a successful management plan for their site! n

Inside Look at Maintenance and Management to Guide You Through a Balanced Budget and PS&S, LLC will discuss Construction Management. This program is free for members to attend but pre-registration is required. Visit our website at, https://www.cai-nj.org/event-4562200, for registration and further information. The program qualifies for 1 CEC.  Thursday, March 31st, The CA-PAC Top Golf Event at Top Golf in Edison is sold out however registration will be open shortly for the next CA-PAC networking event. Please visit our website at https://cainj.org/network-events/ for upcoming dates. This issue of Community Trends ® reflects on ethics and its importance when managing community associations. For me, ethics is what drives the decisions that I make for the chapter every single day. As stated in Elaine Warga- Murray’s Management Trends column on page 44, “ethics should rule all behaviors, decisions and actions taken”. I hope you find this month’s articles useful.  Best Practices for a Successful Board – outlining what the board should consider when managing the HOA’s finances.  Ethics, the Insurance Business, and the Community Insurance & Risk Management Specialist (CIRMS) Designation – the bene- fits and importance of earning a CIRMs designation.  A Look into the Legal and Practical Reasoning Behind the CAI Model Code of Ethics for Community Association Board Members – Discusses the Code of Ethics that should be followed by all Community Association Board members.  THE MANY ROADS OF ETHICS – Tips on navigating your way to stay on the ethical path. Enjoy all that the chapter has to offer this March and I’m looking forward to seeing you at our events! n

CAI-NJ advises that for training, marketing or other purposes, all events may be recorded, videotaped and/or photographed. By attending a CAI-NJ event, the reg- istrant(s) consents to the use of his/her image by CAI-NJ and agrees to waive any claim for the use of his/her image, including without limitation, the appropriation of his/her image for commercial purposes or the invasion of his or her privacy.

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