Serving as a board member in a community association is a serious responsibility that comes with
significant fiduciary duties. A fiduciary duty is a legal obligation to act in the best interest of others, in
this case, the residents of your neighborhood.
At Restoration Property Management, we work directly with our Board Members each and every day
and assist them in running better and more efficient Associations. We are local community
management experts who help guide the Board of Directors when in making the best decisions that are
for the betterment of the Homeowner’s Association. One of our goals as your community manager is to
help guide the Board into making decisions that are in line with their fiduciary responsibilities.
When it comes to a board member's fiduciary responsibility , here are the key components.
responsibilities. This means staying informed about the community’s financial, legal, and
operational issues, and making informed decisions.
personal gain. This means avoiding conflicts of interest and making decisions that are in the
best interests of the community, not just individual members.
community, as well as the community’s governing documents. This includes following the
community’s covenants, conditions, and restrictions (CC&Rs) and making decisions that are
consistent with them.
ensure that all funds are handled responsibly. They must also provide regular financial reports
to the community.
decisions that are reasonable without malice. They must also act in a manner that is fair and
impartial to all residents to the community.
Serving as a board member of a homeowner’s association in Louisiana requires a significant amount of
responsibility and dedication. Board members must fulfill their fiduciary duties by exercising reasonable
care and diligence, acting in the best interests of the community, obeying the law, keeping accurate
financial records, and acting in good faith. By upholding these regulations, board members can ensure
that the community is well-managed and the interests of all residents are protected.
Our experienced management firm can provide your Board with the guidance on how to be effective,
efficient, and “above the board”. Reach out to us today and let us show you how!