Board of Directors, Budget, Q&A
Q: How much notice to the members is required when the board is adopting the annual budget? (B.R., via e-mail) A: For a condominium association, budget meetings must be noticed at least 14 days in advance for the benefit of the members. Notice is to be posted on the...
Budget, Community, Florida, Maintenance, Rules Regulations, Safety
The new law passed by the Legislature, known as “SB 4-D”, became effective May 26, 2022 and contains various important deadlines for compliance. The new law applies to condominiums and cooperatives which are 3 stories or higher. We are most often asked “by when do we...
Associations, Budget, Community
In many ways, the managing and operating of a condominium association is akin to operating a business. A primary similarity is the importance of careful and accurate financial planning and budget preparation. The board of directors of an association has fiduciary...
Associations, Budget, Community, Rules Regulations
Q: If there is an excess in monies collected from the annual budget, must the excess be returned to owners, or can it be used to reduce maintenance fees for next year? (E.O., via e-mail) A: The annual budget estimates the revenues and expenses for the year. Although...
Associations, Budget, Q&A
With the budget season approaching, many condominium associations may wonder how to prepare a budget when it’s anticipated that members will vote to waive or partially fund reserves. The board must create a proposed annual budget that includes estimated revenues and...
Associations, Budget, Property Managers, Q&A, Residents
Q: Our condominium association just had a reserve study done for the first time in our twenty-year plus history. We learned that all of the funds we have set up are inadequate. The board said that to catch up the reserves would double our assessment, so they want to...
