TimeSharing Today | Sep / Oct , 2024 Page 42
RESORT SOURCES
A TIMESHARE GOVERNING BOARD HAS TWO TYPES OF RESPONSIBILITIES
BOARD INITIATED FUNCTIONS BOARD OVERSIGHT FUNCTIONS
DELEGATES TASKS
BOARD DELEGATES TASKS TO MANAGEMENT
Lynne Kweder 2 / 2021
BOARD
* Board Development , & Evaluation |
* Oversees Overall Operations |
* Generates and Budgets Revenue |
* Oversees Financial Management |
* Long Range Planning |
* Approves & Signs All Major Contracts |
* Governance Policy Making |
* Approves All Capital & Other Major |
* Property Planning & Development |
Expenditures |
* Hires & Evaluates Management |
* Ensures Adequate Insurance Purchased |
* Hires Auditor , Attorney & Others |
* Ensures Legal Compliance of Resort |
* Monitors Resorts Business Results |
MANAGEMENT SECURES BOARD DECISIONS
BOARD DELEGATES AUTHORITY TO MANAGE RESORT
A board cannot carry out major projects in every area of its responsibilities every year . Major projects need to be systematically scheduled on a multi-year rotation — every four to five years .
Through the commitment of top leadership , distribution of responsibilities to several board members , and scheduling , a board
can accomplish all its major responsibilities .
Develop an assessment tool
The process for conducting a board assessment starts with identifying an assessment tool or questionnaire . You can find various tools online by searching for “ nonprofit board of directors ’ assessment .”
I have never found a tool that fits every organization , so be prepared to modify and develop the questionnaires you find for your specific board . A high-quality tool will include an opportunity to rate each of the board ’ s functions and activities on a scale from poor to excellent , with room for comments .
Evaluate functions and conduct
The functions evaluated should include both the board-initiated functions listed above and the board ’ s important oversight functions :
• Ensuring that the resort meets all State and Federal legal requirements .
• Ensuring the purchase of adequate insurance .
• Generating sufficient revenue through the determination of maintenance fees .
• Preparing the budget and providing fiscal oversight of the management .
• Making annual planning and reserves decisions .
• Approving major expenditures . www . timesharingtoday . com to start or renew memberships .