March 2018

EXPERTS... from page 22.

dictates the need for outside experts to assist the board members in carry- ing out their duties in managing the day-to-day operations of a residential community. Some of the much smaller commu- nities (e.g., a small cooperative or condominium building) may deem it possible and more cost-effective to manage themselves. However, larger, more sprawling HOAs, require more attention, experience and expertise than a voluntary board of direc- tors would realistically be equipped to provide. In this case, it would behoove such a board to look to outside experts to assist in successfully performing the day-to-day duties and addressing the various situations that arise in a residential community. There are four critical areas of expertise

that a board of a sizable associ- ation should address with outside assistance to ensure that the board meets its fiduciary responsibilities to the community and that the day-to-day needs of the community are met to everyone’s satisfaction. They include: • A property management company • A law firm The most critical set of experts that a community association board hires may be the property management company. Board members should not be expected to personally handle day-to-day tasks such as receiving and addressing complaints of the residents, collecting on delinquent assessments, handling monthly bill payments, taking care of repairs and • An accounting firm • An engineering firm

recommending a vendor because they have either worked with them or know of their work and is confident the project will proceed as smoothly as possible. Residential board members are often unfamiliar with the responsibili- ties of governing a community or mak- ing decisions based on sound public policy principles (i.e., focusing on the well-being of the community at large). Therefore, new board members are usually tasked with learning on the job. In many cases, board members hold full-time employment and have family or other personal responsi- bilities. That, in addition to the lack of property management experience,

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