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Condo Associations in Miami: Approving the Budget
Budgets are no easy task. For condo or homeowners associations, budgets can and should require considerable work and time to prepare this in-depth fiscal plan for the coming year. But once your budget has been prepared, be certain that you are following the correct Florida Statutes for budget approval. To prevent your condo association board... read more3 Imperative Building Updates To Avoid Special Assessments in South Florida
Few things bring out the torches and pitchforks for community association Board Members like Special Assessments. Nevertheless, as Robert Frost said, “Nothing gold can stay.” Every community association across South Florida is going to have restorations, repairs or replacements needed on one aspect or another (with a well-prepared Board, you shouldn’t need everything all the... read more
How Often Should You Replace Your Roof in a Condo Association
In Miami, there’s no getting around the fact that we need strong roofs over our heads. When you’re part of a condo association, roof maintenance, repair, and replacement is often the responsibility of the association at large, and, depending on your governance regulations, its planning and funding management generally falls in the hands of the... read more
Planning for Improvements: What Should Your Reserves Fund Cover
From a personal finance perspective, you know the importance of saving for a rainy day in case your car needs a new transmission or your air conditioning unit suddenly goes out. Because we know these things may happen at some point in the lifetime of the item, we plan ahead so we have enough money... read more
Why You Need a Reserve Fund for Your Condo Association
Condo associations, no matter how big or small, will come up against some major expenses at various points in their operation. The key to being prepared to handle these hurdles with ease is by fully funding your reserve. What is a reserve fund? Reserves are monies set aside for the long-term repair and replacement of... read more
Protecting Your Association in the Aftermath of a Storm
Storms can come and go relatively quickly, but the damage they leave can take months and years to clean up depending on the severity of the storm. If your condo association is hit by a tropical storm or hurricane, there are certain steps you can and should take to protect your association and help restore... read more
A Hurricane Action Plan for Condo Associations
In Florida, we’re never really out of the woods when it comes to hurricane planning and storm preparation. For condo associations in particular, hurricane preparation is a shared responsibility between individual unit owners and the association at large. If you’re a board member of your condo association, one of your important responsibilities is to create... read more 5 Things to Note When Planning Your Annual Budget for Condo Associations
Annual budget planning is among the board of director’s biggest responsibilities. Poor fiscal management could be devastating for an association. Conversely, healthy planning and making smart budgetary goals are keys to helping your association thrive in good times and bad, like when a devastating storm broadsides your building and rips off your roof. Here are... read more