Board Member Compensation?  How Much is Too Much?

By Buddy Whitaker 

Published November 29, 2013

  

Most board members probably deserve some form of compensation for the time and effort they invest.  Yet very few association declarations  allow board members to do so.

 

If your association doesn't have this provision, an amendment would need to be passed by the community providing some compensation.  This is a nice check and balance because ideally the unit owners wouldn't pass an amendment that is unbalanced.  The community may agree to something modest like 33% or 50% off annual dues for participating board members. 

 

This may have a positive impact on the board as a whole.  More people would be willing to volunteer their time to serve.  Board members may be more vested in their position and take their role more seriously.

 

Personally I would love to pay a portion of my dues but some may see this as excessive.  I have come across an association that pays its board members $300 a month.  This sounds nice but, without having reviewed their budget,  I would think this amount of compensation would impact monthly income.

 

Board members take a position in order to serve and better their community.  A modest amount that doesn't impact the overall budget may have a positive impact on the people who serve.

 

Make a great day.


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Buddy Whitaker truly enjoys being an insurance professional. His condominium association client's appreciate his attention to detail. The fact that he has practically

committed the Georgia Condominium Act to memory helps. 

In his words, "My objective is to be the resource and trusted advisor that my clients want to turn to for guidance. I strive to either know the answer or know where to find it."

Creative Solutions: As a student of condo association (COA) insurance, Buddy has forged specialized programs that address the unique exposures of multi-family residential structures.

His solutions juggle the need to keep overall costs down, both for the unit owner and the association, while making sure that coverage remains as broad as possible.

COA Focused: He's leveraged his 6 years in the insurance industry; as the director of continuing education for Metro Alliance of Independent Insurance Agents, board position on his own condo association, and study of the Georgia Condo Act and condo declarations.  This transitioned into understanding of the COA sector, the nature of the claims,  methods of managing the risk, and the complex relationships among board members, unit owners, and property managers.

Insurance isn't just a job for Buddy, it is a passion.  That said, he also enjoys a round of golf, experimenting in the kitchen, and DIY projects around his home. He's also a loving husband and a proud father of a brand new baby girl.

Contact Buddy via email or visit Hamby & Aloisio's website.