No matter how old or structure the board of directors has set of primary responsibility. They are responsible for ensuring that the assets of the nonprofit are used prudently and with care, protecting shareholders’ interests as well as demonstrating loyalty and conformity to governance regulations (even when they’re not in the best interests of an individual).
Participation at meetings and attendance
Board members should be capable of attending meetings either in person or via the internet. This includes reading the agenda prior to meeting, and actively participating in discussions and taking decisions. It is also essential that board members participate in committee activities to ensure they understand and www.boardmeeting-software.blog/strategic-planning-checklist-for-startups-and-new-companies be involved in the work of the organization.
Financial Management
This includes preparing and re-reading the budget, as well as managing reserve funds, and making sure assessments are collected. To guide decisions and manage risks, the board must have a good understanding of the financials of the community.
Policy Compliance / Documents governing the Policy
This is a very important duty that requires a thorough understanding of all federal, local and state laws. This helps ensure that the community is continuously in compliance, and the board is able to make the right decisions in the case of an emergency. It also means being able to respond to questions from residents and address their concerns as well as enforcing rules when necessary.