Community associations across Manatee County
Manatee County lies on the Gulf of Mexico at the southern edge of Tampa Bay. Its coast includes Anna Maria Island and the northern part of Longboat Key, and the Manatee River runs between Bradenton and Palmetto. Older condominiums sit along the water and in established neighborhoods.
East of Interstate 75, the county has grown quickly. Much of that newer housing is in planned communities governed by homeowners associations, often with a master association over several neighborhoods.
Financial questions Manatee County boards are working through
Developer turnover
In newer communities, owners eventually take control of the association from the developer. A board taking over inherits the books, the bank accounts, and the budget the developer set. Reliable financial statements give the new board a clear starting point and a record of where the association stands.
Master and sub-associations
Large developments often divide responsibilities between a master association and neighborhood associations. Each keeps its own records and has its own annual reporting obligation. An HOA with 1,000 or more parcels must be audited regardless of its revenue; see Florida's reporting requirements.
Coastal buildings, storms, and reserves
On the coast, the questions are different. Condominium buildings three stories or higher face structural integrity reserve studies and milestone inspections, and reserves for SIRS items generally cannot be waived. Any special assessment, loan, or line of credit that funds them, including after storm damage, must appear in the annual financial statement.