I have volunteered with many organizations. I’ve been a soccer and baseball coach, scout leader, a Lions Club president and even an EMT with my town’s first aid squad. I’ve helped many different kinds of people, in many different kinds of situations. In these positions, the vast majority of people I helped appreciated it. I assume thousands, actually hundreds of thousands of other volunteers have had similar experiences.
Creating and maintaining an association budget is part of a board’s fiduciary responsibility. In order to keep your community economically stable, good financial practices are needed to prosper both today and into the future. As fall nears, many associations shift their focus to the upcoming year and begin working on the annual budget process.
When a homeowner decides to serve his or her association as a member of the board, that person has a fiduciary duty to act in the best interest of the community. So, what exactly does a board’s fiduciary duty entail? According to Attorney Stacey Patterson of Ansell Grimm & Aaron, PC, with offices in White Plains New York, Woodland Park New Jersey and Princeton, New Jersey, “fiduciary duty is the responsibility of the board members to ensure sound and proper operation and control of its community and to act in its best interest.”