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Understanding Fiduciary Responsibilities: A Guide for New Board Members

Join us for an informative session designed for new board members of timeshare organizations. This program covers essential fiduciary obligations, legal compliance, financial oversight, and governance practices vital for effective board leadership. Led by Jeffrey T. Weinland from the University of Central Florida's Rosen College of Hospitality Management, attendees will learn the roles and responsibilities a board member must uphold, ensuring they act in the best interests of all owners. Engage in discussions about decision-making, ethical standards, and building trust.

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Understanding Fiduciary Responsibilities: A Guide for New Board Members

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  1. Board Member Education Session 5 Tuesday, October 29 So, now you’re on the Board The One-Hour Board Meeting Fiduciary responsibilities of the Board Your Pit Boss for this session is Eileen Castberg

  2. Fiduciary Obligations Presented by: Jeffrey T Weinland, CHA, CHE, CHAE University of Central Florida Rosen College of Hospitality Management

  3. Keys to a Successful ResortStack the Deck! Session 4 Tuesday, October 29 8:45 AM – 9:45 AM Paul Goodrich SPM Resorts Scott Riddle 1800MyCondo.com & Resort Synergy Gregg McMurtrie Collections Unlimited Your Pit Boss for this session is Kimberly Stibbs-Menster

  4. Fiduciary A Relationship of Trust, Confidence, and Duty

  5. Fiduciary • from the Latin fiducia, meaning "trust” • a legal relationship where one person is obligated to act in the best interests of others • obligations are willingly accepted • dependence and influence are created • elements – care, loyalty, obedience

  6. Parties Dependent - Influencer Principal - Agent Client - Attorney Client - Broker Beneficiary - Trustee Heirs - Executors Timeshare Owners - Board Members

  7. BoardMembers • represent the interests of all timeshare owners as a collective • represent the interests of the organization • as members of the organization, they represent their own interests, but only to the extent that those interests are shared by all owners

  8. Liability • Personal – individuals are personally liable to preform their duties in representing the organization and the owners • Corporate – the association is liable as a whole to ensure that policies and procedures are in place to protect the dependent parties

  9. BoardMemberDuties • Legal Compliance • Financial Oversight • Governance • Management

  10. LegalCompliance • Federal – US Code • State – Statutes • Local – Ordinances • Governing Documents • Articles of Incorporation • Prospectus • Deed Restrictions • Rules & Regulations • Policies & Procedures

  11. FinancialOversight • Budget & Planning • Financial Management • Reconcile Operational Activities to Financial Reports • Internal Controls

  12. Governance • Vision • Mission • Organizational Objectives • Moral & Ethical Decision Making Processes

  13. Management • Day to day operating activities • Service delivery • Administrative activities • Operational & regulatory requirements • Delegation of activities to a professional management company or employees • Note: activities can be delegated, but the board members remain responsible and accountable for all fiduciary duties

  14. FiduciaryDecisionTesting • Is it truth? • Is it fair to all concerned? • Does it benefit all concerned? • Does it build positive relationships or add good will?

  15. IdealBoardMembers • Honest, Trustworthy, Courageous, Moral & Ethical • Able to interpret financial statements and operational reports • Has an interest in the long-term success of the organization • Willing & able to meet the requirements of service

  16. EmployeesandManagementCompanies • Employees have fiduciary responsibilities owed to their employers • Management companies have fiduciary responsibilities owed to the organization which they contract with • Neither replace the board members fiduciary responsibilities owned to owners or their organizations

  17. Fiduciary Obligations Questions? & Answers

  18. Fiduciary Obligations • Contact Jeffrey T Weinland CHA, CHE, CHAE Jeff@Weinland.us

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