Treasurer position on Board
Hi….we recently had our annual meeting and elections to the Board of Directors. The Board had a Board meeting after the annual meeting to appoint officers to positions on the Board. Turns out a newly elected Board Member was appointed to be Treasurer. He didn’t want to serve as the Treasurer and nobody else on the Board wants to serve as the Treasurer. The governing docs prohibit a Board Member from serving more than one position. What happens when this situation occurs?
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Kathy,
Depends on how many board members you have. The association must either comply with the bylaws or amend them. nothing else is acceptable. There is nothing wrong with anyone other than the President holding two board officer positions; you just have to modify your bylaws to say that. The treasurer is the second-most-important officer position in an association, yet most associations have the community manager handle most of the treasurer’s work. The treasurer serves as the independent oversight of everything the community management company does regarding association finances. The board has a fiduciary duty to the association of owners relative to finances and cannot ignore that responsibility
Dennis