This article is general information for association boards and managers, not accounting, tax, or legal advice for a specific association. For Florida's annual reporting rules, see Florida reporting requirements.
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Since Florida's structural integrity reserve studies (required for condominium buildings three habitable stories or higher) and milestone inspections took effect, many condominium and HOA boards are facing seven-figure projects. A common solution: borrow from a bank, then repay the loan through a special assessment that owners can pay up front or in monthly installments. It sounds simple. But the same mistakes keep showing up, often years later, when the loan balance no longer matches what...
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The financial landscape is constantly evolving, and in these uncertain times, it is crucial for homeowners associations (HOAs) and condominiums to safeguard their funds. One such protective measure is keeping your association's cash in bank accounts that are insured by the Federal Deposit Insurance Corporation (FDIC). The recent insolvency of Silicon Valley Bank underscores the importance of this step. In this blog, we will explore the importance of FDIC-insured accounts and discuss the...
Attention Boards: Please Review Your Financials!
This is more of a public service announcement. Please review your financials monthly! Most errors can be researched and corrected quicker and easier in the period that it occurs. We have been finding very often that bookkeepers post unreconciled items to the Retained Earnings or an Exchange account. This is only a good practice if it gets reconciled prior to closing the monthly books. Once the books are closed and time passes, it is increasingly harder to research. There is also the mantra...
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