Update 11/20/2018 – All elevator certificates are current and up to date nearly 16 months late and 200.00 in late fees. —————————————————————————————————– Update 11/7/2018: I called the state today to inquire on our certificates, we paid the fees in September and the elevators all have a passing inspection from August. The delay is we owe a 50.00 late fee for each elevator, I have asked Bill to send this …
I hate beating around the bush, so I want to get to the point. A financial crisis is coming and it’s going to be a big one. It’s also going to hit those that can least afford it. It’s going to result in massive amounts of foreclosures. It’s going to result in countless cases of elderly persons being displaced from their homes. The worst part is, it’s absolutely …
Fiduciary Duty: Business Judgment Rule Business Judgment Rule: The legal protection for director’s actions under the corporate structure. Under the business judgment rule, absent evidence of bad faith, fraud, illegality or gross overreaching, courts are not at liberty to interfere with the exercise of business judgment by corporate directors. Purpose: To protect against honest mistakes. The purpose of this rule is to protect directors who have been diligent and careful in performing …
Questions for Board Member Evaluation Performance indicators when evaluation board members and prospective board candidates: Will the Board member: Fulfill his/her fiduciary duties in the best interests of the community? Be a good steward of your maintenance fees? Seek owner input on all important matters and major decisions? Communicate regularly using various methods – newsletters, meetings, website, email, etc? Provide complete transparency regarding the association’s finances? Rigorously …
Separate accounting functions whenever possible. Consider oversight of the financial functions an important Board responsibility. Receive and review financial statements at least quarterly. Question items that significantly differ from the budget. Record your findings in the Board meeting minutes. Review bank statements and reconciliations on ALL bank accounts at least quarterly. Consider getting a separate copy of bank statement with copies of cancelled checks sent to a …
Unlike homeowners, condo dwellers don’t own the building they live in or the land it sits on. Your condo or homeowners association (HOA) will carry a master policy to insure the building and pay for accidents that occur on outside property or in common areas. However, your HOA might not pay to repair the inside of your unit after disasters, nor will it replace your damaged or stolen belongings …
The Florida legislature made some big changes to the Condo statutes this last session. One of those changes is regarding association records and associations having websites to post digital copies of many documents. This requirement only applies to associations with 150 or more units and the deadline to comply is July 1, 2018 Below are the records that must be posted on the association website: 2. A …
Maintenance in your community isn’t limited to buildings and common areas – it also applies to your governing documents. Laws, technologies and responsibilities are always changing, and discrepancies between these items and your governing documents can crop up over time, making updates crucial for keeping your documents relevant and enforceable. But it can be difficult to discern whether certain adjustments should be priority, especially since changing your documents takes …
Your homeowners association has three types of governing documents: Covenants, Conditions & Restrictions (called “CC&Rs”), Rules & Regulations, and Bylaws. Frequently, the function of these documents or the role the property management company plays in implementing them can be confusing. Covenants, Conditions & Restrictions (CC&Rs) This is a legally binding document that is officially recorded and filed with your state. Your CC&Rs cover the rights and obligations of the homeowners …
Do you need a permit for your remodel, new windows, doors or AC upgrade / changeout? It depends on the project. Per Chapter 1 of the Florida Building Code and section 553.79 (1), Florida Statutes: Any owner, authorized agent, or contractor who desires to construct, enlarge, alter, repair, move, demolish, or change the occupancy or occupant content of a building or structure, or any outside area being used as …
Serving on the Board of Directors of any corporation can be a great opportunity for both personal and financial growth. As with everything in life, however, in order to receive, one must also give. This article will summarize the responsibilities imposed by the law on directors who serve in the state of Florida. The law to which we will be referring is judicial common law and Florida Statutes. Specifically, …