This board is trusted with preserving property values by maintaining the common areas of the property, updating and enforcing regulations for the association, overseeing the finances (which includes collection of the assessments), obtaining insurance coverage for the common areas, and keeping members of the condominium association informed.
Many of these tasks can be, and usually are, contracted to a property manager.
The Board of Directors includes the following officers and their duties:
President: plans and presides over meetings, acts as spokesperson, appoints committees if needed and performs day-to-day administration
Secretary: maintains minutes of meetings and the history of the association, handles association correspondence and mailings, and keeps records of association members
Treasurer: reports to the association on the financial condition of the association, and, working with hired professionals, plans budgets, develops investment strategies, and oversees tax filings and yearly audits