HOA Board of Directors
Composition, Meetings, and Powers
The composition of the Board of Directors, the procedure for nomination and election, the types and conduct of meetings, and the powers and duties of the Board are described in Article III of the Ford’s Colony Homeowners Association (HOA) Bylaws, as amended March 25, 2004. Section 55-510.1 of the Virginia Property Owners Association Act, effective July 1, 2000, supplements and modifies certain provisions of the Bylaws with respect to meetings of the Board. Prospective nominees for the Board should become familiar with these documents.
The Nominating Committee will base their recommendation of nominees on the legal criteria cited above and the following additional anticipated duties and requirements:
1. Direct and manage the operations and assets of the HOA so as to protect, preserve and improve the property values and quality of life at Ford’s Colony for all property owners.
2. Provide for a financially stable and predictable environment and impartial decision-making. Establish and monitor specific goals for quality, efficiency, and effectiveness of operations and services. Provide due process in decision-making.
3. Develop long-range plans for operational and financial needs including a study to determine replacement reserve requirements for HOA assets.
4. Annually appoint an independent public accounting firm to perform an audit of the HOA financial records. Review audit findings and recommendations with the auditors and implement where applicable.
5. Develop contingency plans to cover disasters and other unforeseen circumstances and emergency situations.
6. Define and evaluate requirements for and performance of the Managing Agent for maintaining HOA assets and all services needed for operations and maintenance.
7. Develop charters for committees serving the Board which state the responsibilities, the manner of organization, and the manner of operation for each committee. Appoint all committees of the Board of Directors in accordance with the Bylaws and the charters of the respective committees.
8. Maintain effective communication, by various means, between the Board, HOA members, managing agent, and the developer regarding Board decisions as well as current and future issues.
9. Conduct effective public relations to protect and promote the Ford’s Colony image in the community at large. Encourage volunteers serving the community and promote participation in the democratic process.
10. Support and promote activities within Ford’s Colony that build community spirit and that provide recreational and cultural opportunities for children and adults.
11. Be guided by the fiduciary principles of duty of loyalty and duty of ordinary care. Make decisions and take action supported by the authority derived from law, the governing documents, and the rule of business judgment.
12. Utilize the educational and other resources available in the industry (i.e. Community Associations Institute, and others).
13. Be willing to serve as any officer of the Association as determined by the Board’s internal election process.
14. Be willing to participate in a two-day training session shortly after assuming office.
15. Be available to participate in regular and special Board meetings, which may number more than two per month, usually held in the late afternoon. Be available to participate in quarterly evening Town Hall meetings.