As with any job or position there comes a time where a condo association board member may no longer be able (or willing) to do the job. Leaving a condo association requires a certain amount of tact. Any resigning board member should remember that their soon to be former associates are still their neighbors and leaving on good terms is always advisable. The following tips will help make a resignation go smoothly and reduce the chances of animosity between the two sides.
A condo association treasurer has many different responsibilities. The role is undertaken by an existing member of the condo association’s board of directors. He or she directly oversees the various tasks for financial management of the association.
Condo Association Treasurer Responsibilities/Duties
Condo association fees help pay for the upkeep of community spaces and siding/roofing. The list of services can vary widely and include everything from the doorman’s salary to pool maintenance, security and landscaping. With everyone’s money pooled together, the condo association can effectively maintain the property.
Condos, or condominiums to give them their full name, aren’t that different from apartments except that they are individually owned by the families that live in them. Converting apartment buildings or residential houses into condos is simply a legal matter. Where the apartments or residential houses are offered for rent to different tenants while their developers retain ownership, condos are sold in different units of the same apartment/housing unit to individual owners.
First-time condo owners are often unsure of what the monthly sum they have to pay as condo property management fees is actually paying for. When added to the payments made to the cost of utilities, possible mortgage payments and property taxes, it can seem like a big burden. Essentially, condo property management fees are a share of the total cost of keeping the whole building and outdoor spaces in good repair as well as budgeting.
Condo Property Management Fees
Many prospective first-time or single home buyers are in the market to buy a condo or townhouse. Condos can be an ideal purchase as they can offer a low buying price and do not require outside maintenance. A condo association will typically manage outdoor building maintenance, community by-laws and, landscaping.
Monthly Condo Association Fees are paid to the condo association to cover these services.
A condo association trustee for a small condo association has various responsibilities including repairs, financial duties, collecting and setting fees, and writing and enforcing by-laws. Associations are often run by a board of trustees but can also be run by board members who work to resolve issues and ensure the proper maintenance of the properties to keep the property value as high as possible.
Roles for Condo Association Trustees
In a small condo association setting the major roles are the president, the treasurer, and the secretary although sometimes one person will take on two or three roles. The president is mandated with calling and conducting meetings which must be held at least once per year. The secretary takes the association’s minutes and the treasurer has the duty of managing the financial aspects of the condo association. Read more
A number of considerations go into the formation and operation of a condo association, including several layers of laws and rules established by federal and state and local governments. In Washington, Chapter 64.34 RCW of the Condominium Act has five articles that regulate condominium associations:
Creating, operating, and terminating a condominium association,
Management of the association,
Protection of the purchasers,
The board of directors in a condo association works in the same manner as a typical government setup. Just like in any board of directors, the board members should be elected by the condo owners and tasked with the responsibility of managing their condominium property and running the condo association as a whole. This can be done by the board either directly or by hiring skilled and specialized managers. Since this is the case, the members of the condo association have to rely on the board of directors to resolve any community issues that might arise. These issues can range from unruly residents to damages on buildings.