A Look at the Budet

Community associations operate and execute their duties based upon an annual budget. That budget is developed and approved by the board of directors but is sometimes subject to a vote of the membership during the association's annual meeting. Requirements for budget approval are typically outlined in the association's by-laws. Throughout the year, the board then monitors the economic condition of the association through periodic (usually monthly) financial reports and updates.

The association's budget is, essentially, an estimate of the income and expenses of the association for the year. A budget reflects an association's policy decisions (as proposed by the board of directors and approved by the members) regarding the programs and services that will be completed during the budget year. Often, the governing documents of the community will define the common property expected to be maintained by the association and other maintenance and service requirements. The budget then establishes what services the community will provide, when they will be done, and how much they are expected to cost.

Fort More information on Budgets read here:

• Budgeting Whys and Wherefores

If you have further questions on this issue, please feel free to contact J Brooks & Associates, Inc. at (239) 313-7129. As always, we are here to help.

17041 Alico Commerce Ct., Unit 1

Fort Myers, FL 33967

(239)313-7129

www.JBrooksai.com

J Brooks & Associates, Inc. is a full service Homeowner Association (HOA), Condominium Association, Cooperative Association and Master Community Association property management company servicing all of Fort Myers, Naples, Bonita Springs, Cape Coral, and all of Lee, Collier, Charlotte, and Sarasota Counties.www.jbrooksai.com

Are You Prepared to Run for the Board of Directors at your Community Association?

It's that time of year when residents of Condominium, Homeowner, and Master Associations decide whether or not they should run for a position on their communities Board of Directors.  Here is a great article that will help you decide if that is the position you want to take on.

Florida Community Association Journal

For Additional Information regarding Community Association Management for either Condominium Associations, Homeowner Associations, Cooperative Association, or Master Associations in the State of Florida, please contact J Brooks & Associates, Inc. at information@jbrooksai.com  or (239) 313-7129. visit our website at www.jbrooksai.com.com .

J Brooks & Associates | Master Association Property Manager | Fort Myers, Naples, Sarasota, Florida

J Brooks & Associates, Inc. is a full service Association Property Management firm servicing Condominiums, Homeowner Associations, Master Associations and Cooperatives up and down the Southwest Florida Coast. 

Check out some of their Master Association Property Management Services here:  http://jbrooksai.wordpress.com/2012/10/26/master-association-property-management-j-brooks-associates-fort-myers-sarasota-naples/

For Additional Information regarding Community Association Management for either Condominium Associations, Homeowner Associations, Cooperative Association, or Master Associations in the State of Florida, please contact J Brooks & Associates, Inc. at information@jbrooksai.com  or (239) 313-7129. visit our website at www.jbrooksai.com.com .

Budgeting for Reserves

If you live in a Condominium Association, Homeowners Association, or Master Association, one of the responsibilities of your Associations Board of Directors and Property Manager is to prepare the Associations Annual Budget.  It is a major undertaking that must be gone over with a fine tooth comb to ensure that your association will have the necessary funds to survive the following years expenses.

One of the major issues that must be considered is the Associations Reserve Fund.  This is money that is set aside for major projects or repairs that must be made sometime in the future.  This is a great article on Budgeting for Reserves written by Jerry Brooks, a Florida Licensed Community Association Manager (CAM) and owner of J Brooks & Associates, Inc.

J Brooks & Associates, Inc. is a Community Association Property Management firm located in Fort Myers, Florida.  They manage many Condominium, Homeowner, Cooperative, and Master Associations throughout the Southwest Florida Area.

Check out:  Budgeting for Reserves

Collecting HOA/COA Assessments from Tenants

As a Property Manager in the Fort Myers, Florida area, we have had many issues lately in the collecting of owner assessments.  We all know that the majority of these issues are due to the poor economy.  But that doesn't meant that it doesn't hurt your condominium, homeowner, or cooperative association.  Assessment collection is integral to the upkeep of your association and must be collected to keep your home looking and operating the way it is suppose to.

But did you know that the Florida legislation recently added a new weapon in the arsenal of Homeowner and Condominium Associations collecting delinquent accounts? Yes, it’s true; Associations now have the power to collect some of those desperately needed assessments from the Tenants of unit owners who are behind on their HOA/COA fees!

Florida Statute §720.3085(8) & §718.116(11) states, if the parcel is occupied by a tenant and the parcel owner is delinquent in paying any monetary obligation due to the association, the association may demand that the tenant pay the association the future monetary obligations related to the parcel. The demand is continuing in nature, and upon demand, the tenant must continue to pay the monetary obligations until the association releases the tenant or the tenant discontinues tenancy in the parcel. A tenant who acts in good faith in response to a written demand from an association is immune from any claim from the parcel owner.

The purpose of this law is to prevent owners, from neglecting their obligation to the association, while collecting rent from a tenant residing within the association. This law requires the Association to notify the tenant in writing of the demand for the assessment which demand will specifically state that it is an ongoing or continuing obligation and that if the tenant fails to pay the applicable portion of the rent to the Association to pay the assessment then due, the Association has the right, under the new statute, to evict the tenant from the property.

With this new mechanism Associations have another avenue to seek collection. This can be a very positive method of collecting fees from defaulting owners. Tenants do not wish to be evicted from their premises and as long as the Association agrees to protect the tenant from backlash from the owner, most tenants will readily cooperate with the Association in this collection effort.

J Brooks & Associates, Inc. is a full service HOA, Condominium, Cooperative and Master Community Association property management company servicing all of Fort Myers, Naples, Bonita Springs, Cape Coral, and all of Lee, Collier, Charlotte, and Sarasota Counties.

When searching for a professional property management company to manage your Association, consider us,J Brooks & Associates, Inc. We will do more than exceed your expectations.