March 2018

PRESIDENT’S CORNER LISA VITIELLO, CPA CAI-NJ 2018 PRESIDENT | TOWNE & COUNTRY MANAGEMENT, INC.

Homeowner Leaders

T his month’s issue is focused on “Homeowner Leaders.” Homeowner Leaders in community associations are both board members, elected by the members, at large and committee members, usually appointed by the board to lead those committees. I have, personally, walked in both sets of shoes. My first home was a condominium where I volunteered as a committee member as well as an elected board mem- ber. The latter lasted twenty years and I experienced com- munity operations from the board member’s vantage point. Board members of communities are volunteers who bring diverse experiences to the board room. There are those members who are interested in the social aspect of being involved and others who wish to bring their business expe- rience to the table. The one common link for all members is that they have a vested interest in seeing that the community thrives. For many boards, this is a new endeavor. It was for me. Being one of the first board members in a new community, the first major matter at hand was transitioning from devel- oper to owner control. Fortunately, for our community, we had a seasoned board member who knew about CAI. Our board was able to tap into the plethora of educational pro- grams to guide us through. Education was and continues to be key to a thriving community. Being a board member brings much responsibility. You are entrusted with the fiduciary duty to make the best business judgement decisions for your community and its

"Our communities are micro-cities. Like NYC, we have our share of security issues." members. Therefore, I offer a few key guidelines in making your decisions. • Keep emotions out of your decision making. The unique part of being a community board member is that many situations involve your neighbors. Focus on what is best for the community, at large. • Self Interest should not be your motive. You were elected to serve the members, at large

"Board members of communities are volunteers who bring diverse experiences to the board room."

• Segregation of duties is a key financial control. Don’t have one person performing overlapping duties. You need checks and balances to safeguard community assets. • Don’t be afraid to raise fees. In the long run, it will hurt the value of your homes if there are insufficient capital funds to maintain the community. • Curb appeal is important for added value. Put those flowers in !!! Enjoy your community and neighbors. I have life, long friends from my community living experience. n

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