Payments, Reports, Planning & More READ MORE >>
Records, Meetings, Contracts & More READ MORE >>
Scheduling, Maintenance, Repair & More READ MORE >>

A Property Management Company Serving Condominiums and HOA’s

Wise Property Solutions is a property management company which is the region’s leader in community association management- the only certified and accredited condominium association management and HOA management company with offices in Knoxville and the Tri- Cities, serving the Mountain South. At Wise Property Solutions, we are contributing to our client communities through our commitment to the industry’s best practices and ongoing professional development. Our team of highly trained property managers strives for an efficient, problem-free community with 100% Satisfaction Guaranteed.

Devoted exclusively to the management of community associations, our homeowners association and condominium managers understand the unique needs of each community. We are proud of both our growth and reputation for offering an unparalleled level of professional service. Our services equip and empower board members to effectively lead their associations.

Stay Informed
Sign-Up To Receive Our
E-Newsletter!

Join Our List!
Get Educated
Request Our Free
Educational DVD
"Understanding Your HOA"
satisfaction guaranteed
locally owned, regionally focused, nationally acredited
locally owned, regionally focused, nationally acredited

“...By aligning our association with Wise Property Solutions we are allowing a professional organization with proper training, systems and knowledge to streamline our efforts...saving us time and money...giving more prompt service to homeowners,”

Larry W.
President
Homeowners Association
     
FROM OUR BLOG

Structuring Your HOA Board


Successful homeowner associations need a strong Board of Directors. Members understand their role and responsibilities. They have a roadmap. They work individually and as a team to manage association business as set forth in the governing documents. Does your HOA Board’s structure accelerate or hamper your progress?

Governing Documents

HOA Boards follow two types of governing documents: Association Bylaws and the CC&Rs (covenants, conditions and restrictions). Board structure, meetings, financial and maintenance responsibilities are included in these documents. Every Board member needs to be familiar with the rules set forth in these documents. These documents make up the “constitution” that guides the Board’s actions.

HOA Board of Directors

While individual responsibilities overlap, each Board member should be the point person for their assigned area. For example, your treasurer may oversee the budget, but other members have input in developing the budget. It’s important for your structure to include area point persons. Five-member HOA Boards are the most common, but smaller associations may operate with fewer positions. Here’s a summary of individual responsibilities.

  1. President: This person acts as the CEO of the HOA and has authority to execute contracts and other documents for the association. The President chairs meetings, prepares meeting agenda items and facilitates other Board members in fulfilling responsibilities. The president is the “voice” of the HOA Board.
  2. Vice-President: This office takes responsibility for community issues and/or leads special task committees. The Vice-President also has the power to perform all association duties in the absence of the president.
  3. Secretary: This position handles recording, approval and distribution of meeting minutes. As the custodian of the minutes and physical records of the association, the secretary ensures that the records are accessible.
  4. Treasurer: This Board member manages and/or oversees the funds and financial affairs for the association. Financial responsibilities typically include reconciling statements, paying invoices, drafting an annual budget and preparing financial reports for the association.
  5. Member-At-Large: This HOA Board member handles special projects or may step up to assume responsibilities in another member’s absence.

Fiduciary Responsibility 

Each HOA Board officer has a legal duty to act and make decisions in the best interest of the association. Each member is charged with using due diligence when making community decisions.

Community Volunteers

Running a homeowner association is a lot of work. Extra hands help keep everything running smoothly. HOA Boards recruit others in the community to serve on committees. You need a good reporting structure in place to keep abreast of volunteer actions. While others act at your direction, Board members retain legal responsibilities.

Structuring your HOA Board to accelerate community progress isn’t difficult. It is simply a matter of solid organization. It’s following your governing documents and clarifying roles. It’s implementing processes to facilitate your fiduciary duties. It’s knowing how to involve others. If you’re still struggling to properly execute all responsibilities of your HOA Board, allowing professional management to step in and help will alleviate some of the confusion and issues. Achieving the right structure is serious business—and so rewarding when you see your community thrive.



Read More >