Board Member Conflict

Started by JoeT6 • 3 replies • 1331 views

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JoeT6 (Georgia)
Posts: 2

Posted:

In an Association where the Board is made up of 3 BOD's with 1 seat being held by the Developer.; The president seat is held by a Homeowner, the secretary seat being held by the Developer and the treasurer being held by a HomeOwner. Wereas the Treasurer does own a personal unit however is still employed by the developer. The treasurer also rents out units for the developer owned units and is also the listing agent for the unsold units in the building. BTW, this in the state of florida.

My question; Is it a conflict of interest for the Treasurer to be a Board of Director, still work for the developer, rent units in the building for income, be the listing agent for unsold units and serve on every comittee?

TimB4 (Tennessee)
Posts: 21,059

Posted:

Joe,

I can see where this could be a perceived conflict of interest. However, I don't see it being any different then if two Directors belonged to the same church or served together in the military as this can also give a perception of a conflict of interest.

Tim

SusanW1 (Michigan)
Posts: 5,202

Posted:

None of the issues you listed sound like he/she would have a $$$ benefit or undue advantage over other members in the treasurer position.

However, with such a small board, I'd suggest a Finance Committee comprised of Members to oqr

SusanW1 (Michigan)
Posts: 5,202

Posted:

oops -

Finance committee comprised of 2 additional HOA Members to work with the Treasurer.

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