Every community association has three functions – to serve as a business, a government and a community. Community associations are generally nonprofit corporations, functioning in many ways as businesses with revenues (association dues, clubhouse rentals, revenues from golf course or restaurant, etc.) and expenses. As a business, the Board needs a business plan for the maintenance of the assets of the Association. Which assets or parts thereof (i.e. partial pavement replacements, phasing roofing replacements) will require repair or replacement, when will they need replacement, and at what cost? These are the most important questions one must ask in determining a forecast of future capital projects. When managing the contributions (assessments) of hundreds of homeowners, it is essential to provide as accurate a forecast as possible. Professional Reserve Study providers have the extra expertise from conducting hundreds of assignments each year to apply engineering success stories from other associations and determine the most reasonable reserve budget that is consistent with Board objectives. The benefit to homeowners is that present and future owners are treated fairly and equitably. As an example, special assessments are typically conducted because those who lived in the community previously did not pay their fair share and as a result, current owners have to pay extra. Read the article…………..
On April 18, 2024, the Financial Crimes Enforcement Network of the U.S. Treasury Department (“FinCEN”)…
A Shell Point condo unit caught fire late Wednesday morning, according to the Wakulla County…
Homeowners associations (HOAs) are notorious punching bags, shamed for bullying widows to mow the lawn…
Whether your community association is a condominium, cooperative, or a homeowners’ association, Florida law empowers…
Florida has not escaped the growing epidemic of fires started by lithium-ion batteries, like those…
Not too long ago a condominium association foreclosed its assessment lien against a deceased unit…