Duties and Responsibilities
Safeguarding the Cooperative
Park Cooperative Apartments (PCA) governing board is held by its members who oversee the cooperative's operations and make sure it runs smoothly.
Our Board role requires a lot of responsibility and following the law.
Board members must be active participants, financially responsible, and avoid conflicts of interest. They should also follow the cooperative's bylaws and mission. Overall, being apart of our cooperative is a big commitment that requires personal investment, dedication, ethics, and a willingness to learn.
Duties
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PCA Board complies with all applicable laws and regulations at the state and federal level.
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The PCA Members are expected to participate actively in board meetings. This means attending meetings regularly, preparing beforehand by reviewing materials and contributing meaningfully to discussions.
Each member of the PCA Board has a duty of care, requiring them to make informed decisions based on a thorough understanding of the cooperative's finances, operations, and governing documents (Articles of Incorporation and Bylaws).
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PCA Members are entrusted with safeguarding the cooperative's assets. This involves maintaining accurate financial records, conducting regular audits, and ensuring proper internal controls prevent mismanagement.
A responsibility to secure adequate resources to support the cooperative's affordable housing mission.
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PCA Board must act in the best interests of the cooperative at all times. This means avoiding any personal gain or conflicts of interest that could compromise their judgment.
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Our Board must uphold our cooperative's Bylaws, which define the rights and responsibilities of members and provide the framework for our governance.
Must ensure our cooperative operates in accordance with its stated mission of providing affordable housing and fostering a strong community, a mission that each board member is an integral part of.
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PCA Board members are encouraged to seek ongoing education and training to stay informed about best practices in cooperative governance and relevant legal matters.
When necessary, the PCA Board consults with professionals like lawyers or accountants to ensure they have the expertise to make sound decisions.
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PCA Board members are accountable to the membership for their actions. Under Minnesota law, members can bring legal action if a director has breached their fiduciary duties.