Can the Board charge a late fee for a late assessment?
Yes. Late fees cannot exceed $25 or 5% of the assessment, whichever is greater, and only if your specific bylaws allow for it.
Can the Board charge a late fee for a late assessment? Read More »
Financials
What happens if the budget increases by more than 115%?
If the “discretionary” part of the budget jumps more than 15% year-over-year, the Board must proactively schedule a meeting for owners to consider a substitute budget.
What happens if the budget increases by more than 115%? Read More »
Can the Board use our Reserve funds for “emergency” landscaping?
Generally, no. Statute 718.112 is strict: reserves for structural items (like the roof or foundation) cannot be used for other purposes without a majority vote of the entire association.
Can the Board use our Reserve funds for “emergency” landscaping? Read More »