Community associations across Brevard County
Brevard County runs a long way down Florida's Atlantic coast. Its geography is a series of strips: barrier islands facing the ocean, the Indian River lagoon behind them, and the mainland to the west. Condominiums cluster along the beaches and the riverfront, while the mainland has a broad mix of homeowners associations, townhome and villa communities, and newer subdivisions.
Most associations here are stand-alone, governing a single building or neighborhood. That keeps the structure simple, but it also means a small volunteer board carries the full responsibility for budgets, reserves, and the annual report.
Financial questions Brevard County boards are working through
Older condominium buildings near the water
Many of the county's beachside and riverfront condominiums have been standing for decades. Buildings three stories or higher now face structural integrity reserve studies and milestone inspections. Reserves for those items generally cannot be waived. If the association uses a special assessment, loan, or line of credit to fund them instead, that must appear in the annual financial statement. Our reserves guide and Florida reporting requirements page explain more.
Windstorm insurance and the budget
Associations on the Atlantic carry property and windstorm coverage that can take up a large share of the operating budget. When that cost rises, the board needs to see clearly how it affects assessments and what is left for reserves.
After a storm
A hurricane can leave an association with repairs to fund before insurance pays, or with costs insurance does not cover. Special assessments and borrowing used for recovery should be accounted for so owners can see where the money went.