Board of directors
Also called: HOA board
The board of directors is the governing body of the association, usually made up of volunteer owners elected by the membership. It adopts the budget, sets assessments, hires vendors and any management company, enforces the governing documents, and keeps the association's records. Officers — typically president, vice president, secretary, and treasurer — are chosen by or from the board.
Directors owe the association a fiduciary duty: to act in good faith, with reasonable care, and in the community's interest rather than their own. In practice that means disclosing conflicts of interest, deciding in properly noticed meetings, getting competing bids, and reading what they approve.
Directors and officers insurance protects volunteers who follow those rules, and most states' business judgment rule shields reasonable, informed decisions.