Running your association like a successful business - Lexology
"What does it mean to run an association like a successful business? First and foremost, it means that the officers and directors must take their positions seriously and act with an eye toward what is best for the entire corporation and its members and what will enhance the corporation’s assets. They do not act with a personal agenda or out of personal feelings toward any of the members. Instead, they act with a view to the future and what will be best in the long-run for the association. This includes things such as not showing preferences for certain members in connection with the enforcement of rules or the collection of assessments. It also means that the association does not defer or take short cuts with required maintenance or other projects that are vital to the preservation of the common areas and other portions of the property for which the association is responsible. Secondly, running the association like a business means educating yourself on legal, financial and other matters that impact your business. This does not mean that your board must be comprised only of attorneys, CPA’s or other business owners or that they must already bring with them some kind of relevant experience or knowledge about running a business. What it does mean is that those who volunteer to serve for the board must be willing to educate themselves as to what they need to know to make the corporation successful."
That second point--that the board members need to educate themselves--is something that needs to be emphasized. Too many people become board members without learning how to do the job.