RobertR1 (South Carolina)
Posts: 5,164
Posts: 5,164
Posted:
What is the opinion when it comes to authority of the Board to award employees a monetary bonus, for a job well done?
A scenrio develops that over a long period of time.........twenty years in fact, a significant bonus was bestowed on a manager or managers in this case. I can't say it happened each and every year but it happen nearly that often and maybe included three different managers. Would this kind of authority be consistant with good business practices even if it was addressed in the documents specifically, which it was not. The members vote on accepting the budget each year and these amounts were never reported except as part of some other line item on the budget, in this case "contingencies", or something along these lines like Discretionary funds?
How do other condos handle this issue of Monetary bonuses?
A scenrio develops that over a long period of time.........twenty years in fact, a significant bonus was bestowed on a manager or managers in this case. I can't say it happened each and every year but it happen nearly that often and maybe included three different managers. Would this kind of authority be consistant with good business practices even if it was addressed in the documents specifically, which it was not. The members vote on accepting the budget each year and these amounts were never reported except as part of some other line item on the budget, in this case "contingencies", or something along these lines like Discretionary funds?
How do other condos handle this issue of Monetary bonuses?