What is a “Substitute Budget”?
A budget proposed by owners that excludes discretionary spending.
What is a “Substitute Budget”? Read More »
Financials
What is excluded from the “15% Rule” budget calculation?
Reserves, insurance premiums, and non-recurring maintenance/repair of structural items.
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When must the next year’s budget be adopted?
It must be proposed and adopted at least 14 days before the fiscal year begins.
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What happens if a board proposes a budget that exceeds 115% of the previous year’s assessments?
If owners protest via a petition (10% of voting interests), the board must conduct a special meeting to consider a substitute budget.
Can unit owners vote to “waive” or reduce the funding of reserves?
Yes. Owners may vote to provide no reserves or less reserves than required by a majority vote of the total voting interests at a duly called meeting. However, for “Structural
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What are the “statutory reserves” that must be included in the annual budget?
In addition to operating expenses, the budget must include reserve accounts for capital expenditures and deferred maintenance. Specifically, this must include roof replacement, building painting, and pavement resurfacing, as well
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How often must assessments be collected from unit owners?
Assessments must be made against units not less frequently than quarterly. They must be in an amount no less than what is required to provide funds in advance for all
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Can I see the Association’s bank statements?
Yes. Bank statements and transaction receipts are part of the “official records” and must be available for inspection.
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Can the Association use a debit card for minor repairs?
Absolutely not. 718.111(15) prohibits any officer or director from using an association-issued debit card. Doing so is now treated as a serious financial offense.
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Can the Association use a debit card?
As of 2024, the use of an Association debit card is strictly prohibited to prevent financial “oopsies” or fraud. It’s credit cards or checks only.
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