Community associations across Duval County
Duval County takes in the beach communities along the Atlantic, the wide St. Johns River that winds through its center, and suburban areas spreading out in several directions. On the coast and along the river and the Intracoastal Waterway, condominium buildings are a familiar form of ownership.
Inland, association living mostly means homeowners associations: single-family neighborhoods and townhome communities, many of them newer. Larger developments may pair a master association, which handles shared amenities and grounds, with smaller associations for individual sections.
Financial questions Duval County boards are working through
Condominium buildings near the water
Coastal and riverfront condominium buildings three stories or higher are subject to structural integrity reserve studies and milestone inspections. Reserves for the items covered by a structural integrity reserve study generally cannot be waived, and any special assessment, loan, or line of credit that funds them must be included in the annual financial statement. Your CPA reports on those reserves; the studies and inspections themselves are engineering work.
Newer communities and developer turnover
In newer suburban communities, the developer often controls the board at first. When owners take over, a clear set of financial statements gives the incoming board a starting point: what the association holds, what it owes, and what reserves are in place.
Layered communities and large HOAs
A master association and each sub-association have separate reporting obligations, set by each entity's own revenue. A homeowners association with 1,000 or more parcels must be audited regardless of revenue. Florida's reporting requirements list the thresholds.