Please explain what Fiduciary responsibility as it pertains to being a BCCA board member means to you.From Karen Zakeski | Granite Mill
- Kate Bice: Being a fiduciary of the BCCA is the most important aspect of being a Board member. Coming together as a group of five individuals to make decisions for the community as a collective whole is sometimes a difficult task and it requires Board members to be able to set aside their personal agendas and wishes and to make decisions that are in the best interest of the community given the data that is presented and known. Board members need to work together as a team to be efficient, honest, trustworthy, and most importantly stay objective in their decision-making.
- Bob Lijana: Fiduciary responsibility is a legal obligation of an individual to maintain trust and to act in the best interests of the entity to which she or he has taken on that responsibility. This is a legal requirement for Board members, and is not open to interpretation. We must adhere to NC State Law, the Chatham County Compact Communities Ordinance, and our own governing documents (the CC&Rs and the By-Laws).
- Liz Rolison: One of our core responsibilities as a BCCA board member is our fiduciary responsibility to the association and its members. This includes ensuring that homeowners’ dues are allocated appropriately to maintain and enhance the common areas, amenities and day-to-day management of our community. It involves exercising an appropriate level of due diligence in all financial decisions using BCCA funds, to both safeguard those funds and ensure they are used appropriately in the care and maintenance of our community’s assets. During my time on the board, we have taken several actions to strengthen our fiduciary position: expanding budgeting to include a 5-year projection, reinstated the competitive bid process outlined in the Purchasing Policy, developed and implemented an Investment Policy and utilized respected third-party auditors to review our annual financial reports and processes.
- Tom Speer: Duty of care, Duty to act within the scope of the governing documents and Duty to be informed and make decisions after completing diligent research. Boards do rely on other experts like Attorney, Accountants, Managers to help them understand issues they may not be experienced in.
- Willam Weitz: HOA board members have a duty to make decisions and act in the best interest of the association and its members.