Governance Policies – Why Does Our Association Need Them?

Does your Association have governance policies in place? Here are just some of the policies we have seen:

Alternative Dispute Resolution Policy
American Flag Policy
Assessment Increase Limitations Policy
Budgets and Reserves Policy
Collections Policy
Fair Housing Policy
Insurance and Risk Management Policy

Adopting such policies can be a very useful tool in ensuring that your Association is governed consistently and properly by its Board of Directors. As we all know, directors and officers come and go, and Association Bylaws rarely provide enough guidance to allow your Board members to know and understand their roles. By taking the time now to consider and adopt governance policies, you can create guidelines for yourselves as the current directors and officers, and potentially make sure that the same “gold standard” will be followed when your time on the Board has long since passed. If you don’t have governance policies in place, but you think you might want them, contact your Association attorney to discuss your options.