Fiduciary Duty
What are the Fiduciary Duties for a Florida Condominium Board of Directors
Florida condominium board members have a fiduciary responsibility to act in the best interests of the association and its unit owners. Under Florida Statute §718.111, this duty is legally enforceable and mirrors the fiduciary obligations of corporate directors.
Florida condo board members are legally obligated to act with care, loyalty, and lawful authority. These fiduciary duties protect owners, maintain property values, and ensure the association operates safely and transparently./p>
Core Fiduciary Duties of Florida Condo Board Members
- Duty of Care — Board members must make informed decisions, exercise ordinary prudence, review materials, ask questions, and rely on qualified experts when appropriate. Florida’s business judgment rule protects directors who act with reasonable care, but not those who act with gross negligence or ignore risks.
- Duty of Loyalty — Directors must put the association’s interests ahead of personal interests. Florida law explicitly prohibits accepting kickbacks or anything of value from vendors. Conflicts of interest must be disclosed, and directors must recuse themselves when appropriate.
- Duty to Act Within Authority — Board members must follow governing documents, Florida Statute 718, and corporate law (Chapter 617). Decisions must be made as a board, not individually, and must be properly noticed, voted on, and documented.
UCO Reporter Legal Articles
See Also
§ 718.111. The Association: Powers, Duties & Records (Common Elements)
2023 Florida Statutes (Including 2023C) (The Florida Legislature)