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 .

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

Community Association Management Accounting - Florida

Not all accountants are qualified to do Community Association Management Accounting (CAM Accounting).  In the state of Florida, as described in Florida State Statutes 468.431: 

(2) “Community association management” means any of the following practices requiring substantial specialized knowledge, judgment, and managerial skill when done for remuneration and when the association or associations served contain more than 10 units or have an annual budget or budgets in excess of $100,000: controlling or disbursing funds of a community association, preparing budgets or other financial documents for a community association, assisting in the noticing or conduct of community association meetings, and coordinating maintenance for the residential development and other day-to-day services involved with the operation of a community association. A person who performs clerical or ministerial functions under the direct supervision and control of a licensed manager or who is charged only with performing the maintenance of a community association and who does not assist in any of the management services described in this subsection is not required to be licensed under this part.

(4) “Community association manager” means a natural person who is licensed pursuant to this part to perform community association management services.

Basically, this means is that if you are controlling or disbursing funds of a community association, preparing budgets or other financial documents for the community including financial statement preparation you must be a Florida licensed CAM.  If you are a CPA and conduct any controlling or disbursing funds of a community association, preparing budgets or other financial documents for the community including financial statement preparation, you are not exempt from Florida statutes and therefore must be a licensed CAM. 

J Brooks & Associates,Inc. is a Fort Myers, Florida based Community Association Management Accountant.  Our staff is state licensed CAM’s and works with many property managers and Community Associations (Homeowners, Condominium, and Master) to ensure compliance with all federal laws and individual association by-laws.