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Property Management Specialists, Ltd.

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Board of Directors Meetings

 It seems that there has been a shift in the Property Management industry toward holding quarterly Board of Directors meetings, instead of monthly Board of Directors meetings. This is satisfactory for home owners associations and small townhome or condo associations.

Quarterly meetings are not acceptable for large condo and townhome associations. Board Meetings should be held every month or at a minimum every other month. The Property Manager should be in attendance at each meeting of the Board. A good Property Manager has the expertise, knowledge and experience that will prove beneficial to the Board of Directors when making their decisions. On the other hand in order for the Property Manager to do their job properly, they have to know the Board of Directors policy’s and rules inside and out, and the thinking behind the Boards decisions.

Property Managers have to be on the same page as the Board of Directors, they do this by attending meetings and listening to the Board of Directors.

Your Board of Directors may be breaking the law, if the Board is making decisions and signing contracts with suppliers or contractors, before an affirmative vote of the Board of Directors at a meeting. These decisions must be made at an open meeting of the Board of Directors, where proper notice of the meeting has been given to the owners. In addition your insurance may not cover the decisions made outside of a duly called meeting. If your Board is doing this, you should have your Board policies reviewed by your association’s attorney and your insurance agent. Any suggestions or comments e-mail me at jameskrech@pmgrs.com   Author, James T. Krech

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