Many condo or co-op owners who are willing to serve on boards soon discover that it’s no picnic. There are disputes to settle and decisions that affect everyone, and books to balance and financials with little room for error. Many choose to be on boards despite the stress and pressure, even though they are volunteering for years.

As a board member on a voluntary basis you are bound by three legal fiduciary obligations: obedience, care and loyalty. This means that their personal or professional interests is always in the back of the interests of the organisation. This also means that they must be able to verify that the organization is in accordance with the law and its mission.

One of the most important tasks of a board is to oversee the organization’s program to ensure they stay true to their purpose. This requires a thorough understanding of the program and services of the organization as well as the people who participate in them, as well as their results and impact. This monitoring continues to be vital to the board’s other responsibilities, including financial oversight and strategic planning.

It isn’t easy to recognize and stop the patterns of decision-making that have developed over time. Once these patterns become established, they become part of the informal culture of the board. They could have devastating effects on the business. This is why it’s crucial for board members to be aware of the risks and to frequently review the board manual and other documents to ensure that they are following good governance practices.

https://wouldboard.com/5-cyber-security-myths-that-are-leaving-nonprofits-exposed/