Meeting management should be part of a director’s skill set. It’s vital for a board of directors to know how to run an association business meeting and to ensure that those meetings are “above board” in every regard. Part of the Board of Directors Orientation Toolkit.
From the Board of Directors Orientation Toolkit, many decisions and actions by REALTOR® associations have significant legal and regulatory implications. Therefore, new directors must understand the importance of risk management, and how their actions could unwittingly cause harm to the association.
For real estate associations, budgeting goes hand in hand with strategic planning, just as it does for all types of businesses. Virtually every type of goal established during a strategic planning session will affect the association’s finances, making it essential to establish a realistic budget.
This section of the Board of Directors Orientation Toolkit covers the legal obligation the association has to operate under its governing documents. This section is placed first in the toolkit, because new directors must know their duties and responsibilities to the association under local, state and federal laws, as well as the requirements set by the National Association of REALTORS®.