If you live in one of the nearly 10,000 HOAs in Colorado, you may be interested in joining your HOA board.
An HOA board of directors dictates the direction of a community association. If you have strong HOA leadership from your board, your community will be highly successful. Poor leadership has the opposite effect.
Before joining your HOA board, it's important to know what the roles and responsibilities of the board are. That's what we'll be discussing in today's post, so keep reading and make an informed decision about joining your HOA board.
Money Management
The HOA board is made up of a president, vice president, secretary, and treasurer. An HOA treasurer is responsible for taking the monthly HOA dues, pooling the money together, and making sure it's spent wisely.
Their main duties involve creating HOA budgets, negotiating vendor contracts, and bookkeeping. When the association's money is well-managed, you'll see higher property values - up to 4% higher than other homes - as well as lower HOA dues, which benefits everyone.
Accounting is a huge responsibility and most HOA treasurers aren't equipped with the skills needed to manage large sums of money. Many HOAs will outsource these duties to HOA management as a result.
Governance
HOAs all have governing documents that tell homeowners the rules and regulations of the community. It's the HOA board's responsibility to govern the community and ensure everyone complies with the rules.
Of course, when you have dozens of homeowners living by a set of rules, there'll be rule breakers. The HOA board must issue penalties to bad actors and mediate conflicts between homeowners.
It can be awkward for the HOA board, who are volunteers, to enforce rules on their neighbors. It creates a power dynamic that may result in disgruntled homeowners.
Vendor Coordination
One major perk of HOA living is having a clean, safe community. This doesn't happen without community maintenance, which comes down to good vendor coordination.
You need local vendors to help you with everything from garbage pickup to landscaping. If your community falls into disrepair, it's likely because of poor vendor management.
Running Meetings
All HOA residents must have a say in the direction the community takes. These matters are discussed at HOA meetings, which are organized and executed by the HOA board.
Meetings should always have agendas and tackle the most important issues in the community, whether it's rule issues or future amenities. The most important thing is to ensure that all homeowners' voices are being heard. Once the meeting is done, the board has to execute the community's wishes.
Will You Join Your HOA Board?
Now that you understand the responsibilities of the HOA board, you can decide if it's right for you. Helping your HOA thrive is a great responsibility. Most HOA boards end up seeking outside help to deal with these overwhelming responsibilities.
If your Colorado Springs HOA board needs help, PMI Pikes Peak is the answer. We're a full-service HOA property management group, offering all of the services discussed here and more. Contact us today to learn how we can help your HOA thrive in 2024.
