Minutes of Board Meetings
The Coast form "Minutes" should be handed to the Board Secretary prior to the start each board meeting if the Minutes are being taken by the Secretary. After the meeting, the completed, handwritten form should be taken back to our office for typing, unless this responsibility has been assumed directly by the Secretary of the Board.
Board Minutes should always be approved at the following Board Meeting. The approved process is critical for the protection of board members, the Company and its staff.
Some associations will want the Minutes to be distributed to the owners as well or posted. The Originals should be filed and a copy given to the President of the Company and the Operations Manager.
Note that the California Corporations Code requires associations to maintain minutes. The law also provides that the minutes be made available for inspection upon the written request of a member of the association at a reasonable time.
Important items to include in the minutes are the following:
- Authorization of major financial transactions including reserve expenditures
- Authorization for entering into contracts
- Approval of Budgets/Assessments
- Approval of Financial Reports
- Approval of Lien/Collection Policy
- Approval of Insurance coverage
- Approval of election results
- Approval of prior Minutes
- Approval of signors on bank accounts
- Approval of Operating Rules
- Approval of related party transactions
- Approval of most recent inspection report
HOA Financial Management Services