by Michael Hamline, Editor / Published August 2015
When an individual is nominated and agrees to run for their community’s board of directors, there is an understanding that they are prepared to assume a high level of responsibility. This responsibility can be categorized into different subtopics, such as rule enforcement, employee and legal issues, facility usage, etc., but perhaps the most important is financial oversight. In all areas, the natural inclination of serving one’s interests becomes secondary to serving the community’s interests. This is particularly true when dealing with community finances.
August is a time of the year when budgets and budgeting moves to the forefront, and it’s a good time of the year to dig deeper into the financial process. In Mining Financial Best Practices Gold, several of our financial service providers offer very helpful tips in that area. From dealing with collections that focuses on helping both the creditor and debtor to clearing up misconceptions about reserves, from accounting for taxes owed to the IRS from association-owned units to establishing important banking procedures, and much more, there are nuggets of gold in these financial best practices to help boards of directors carry out their fiduciary responsibilities.
In addition to being responsible for the best use of finances, communities’ boards of directors must also be concerned with maintaining their communities’ physical structures. In Mariann Gerwig’s article, ABCs of a Concrete Restoration Project, she provides “a road map to follow in order to accomplish putting together your team and getting the [concrete restoration] project off the ground.” Gerwig provides a list of the basic repair methods, a definition of common abbreviations, as well as options for funding the project to selecting your restoration team and much more. Donny Morelock’s article Concrete Restoration on Your Property provides valuable information on proactive steps that can be taken to limit concrete restoration projects as well as a step-by-step development of an action plan. Though it may not be at the same time, every board of directors will have the responsibility of dealing with their community’s finances as well as future concrete restoration projects. FLCAJ applauds your work and wants to provide you with some valuable resources.