Board and Management companies
Posted 2 months ago by Manny Neri in
No, board members cannot completely relinquish their responsibilities to the management company in Florida. While management companies can handle many day-to-d...
No, board members cannot completely relinquish their responsibilities to the management company in Florida.
While management companies can handle many day-to-day operations, the board of directors still has ultimate fiduciary responsibility for the association. This includes:
- Oversight: Ensuring the management company is acting in the best interests of the association.
- Decision-making: Approving major decisions like contracts, budgets, and rule changes.
- Financial responsibility: Overseeing the association's finances and ensuring they are used appropriately.
Delegation, not relinquishment: Board members can delegate tasks to the management company, but they cannot completely abdicate their responsibilities.
It's important to consult with an attorney who specializes in Florida HOA law to understand the specific requirements and limitations for your association.
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