These meetings are a great opportunity for the board to communicate with the home owners and to obtain input and advice from the members. Another duty of the board is to appoint board officers, such as the president, secretary or treasurer of the Association. It is important for the board to exercise careful oversight of the actions of the officers between meetings of the board. The officers should account to the board for any decisions or actions taken on behalf of the Association. It is necessary for the board to hold regular meetings in sufficient frequency to properly and efficiently handle the affairs of the Association.
Most boards meet monthly or quarterly.
The purpose of the board is to represent the interests of the unit owners as a whole, as these interests relate to the property. In addition, the board must ensure that all tax obligations of the property as a whole have been met, and that the property has the necessary and required insurance. The requirements for insurance will be set forth in the declaration and applicable statutes. On behalf of the Association and its members, the board should insure the property against casualty and loss, and should obtain liability coverage including directors and officers' liability insurance, and bonding. In addition, the board should hold the proceeds of insurance in trust on behalf of the owners to ensure the proper restoration of damaged property.