Associations, Board of Directors, Budget, Communication, Property Managers
In 2018, the Florida Legislature revised a provision within the Condominium Act concerning financial reporting. Specifically, if a condominium association fails to comply with a request from the Division of Condominiums, Timeshares and Mobile Homes (the “Division”)...
Associations, Board of Directors, Budget, Payments, Property Managers, Residents
Q: Our condominium association board levied a special assessment for Hurricane Irma damage. Our insurance claim settled for more than we expected, resulting in an excess of funds due to the special assessment. What happens to this leftover money? (S.S., via e-mail)...
Associations, Budget, Community, Frontpage Article, Payments, Prepare, Property Managers, Residents
Few aspects of condominium and cooperative association operations are as heavily regulated as the budgeting process and yet too many boards take an informal approach to these crucial director functions. From Section 718.504, which lists the required operating expense...
Associations, Board of Directors, Budget
In Florida, particularly in the summer months, a beautiful sunny day can suddenly morph into a torrential downpour. Similarly, an association with no obvious financial problems can suddenly find itself in the perfect storm that arises when restrictive financial...
Associations, Budget, Community, Meetings, Payments
Q: What must be done with a condominium association’s operating surplus at the end of the year? Is it true that it must be returned to the owners in the form of payment or a credit to next year’s budget or assessment? (J.S. via e-mail) A: Condominium...
Associations, Board of Directors, Budget, Communication, Community, Florida, Prepare, Residents, Safety
We are now over a month past Hurricane Irma. While it certainly could have been significantly worse for Southwest Florida, many community associations are still working through a variety of difficult issues, including processing insurance claims, continuing...
