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Things work better when everyone understands their role! by Royal Management Services

Things work better when everyone understands their role! by Royal Management Services

  • Posted: Sep 27, 2022
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Things work better when everyone understands their role! Like the King his Court all the way down to the Serf’s and Vassals when each knows where they stand things work better.

CONDOMINIUM, COOP & HOME OWNERS ASSOCIATION MANAGEMENT

Royale Management Services, Inc. is a full-service, Condo Association Management (CAM) licensed, residential property management company, specializing in management, consulting and accounting for Condominium Associations and Home Owners Associations in South Florida: Broward, Dade & Palm Beach County.

We provide the highest quality, most cost effective management services your community and homeowners will find anywhere.

Accounting & Bookkeeping
Financial Management
Property Management
Web Services

Royale Management Services, Inc. has been serving South Florida since 1984. The company was founded to provide high quality management and accounting services for business and individuals, Royale Management Services, Inc. expanded to the Community Association and Home Owner’s Association Management business in 2000.

Our team members are highly trained in all aspects of community association management and customer service.

We take pride in delivering property management services that work!

Royale Management Services, Inc.
2319 N Andrews Avenue
Fort Lauderdale, FL 33311

Phone: (954) 563-1269
Toll Free: (800) 382-1040
Fax: (954) 563-2153

Email: cam@rmsaccounting.com

Members of SFPMA – View our Membership Page.

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All of a Sudden Everyone Wants Me – Not to Mention My Money! by Steven J Weil, PhD, EA, LCAM

All of a Sudden Everyone Wants Me – Not to Mention My Money! by Steven J Weil, PhD, EA, LCAM

  • Posted: Aug 31, 2022
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All of a Sudden Everyone Wants Me – Not to Mention My Money!

by 

Accountant Fort Lauderdale

A whole new world has opened to me and I don’t like it one bit. As I recently turned 65, the nature of my mail, Facebook feed and email have changed. I have suddenly become the target of every financial planner, investment product, tax savings event, webinar and free meal on the planet.

All of these promotions want to help me solve my retirement issues, not that I had any to begin with but then again, I am just not ready to retire. They know the secret to not paying taxes on my IRAs and retirement plans, so I can live the good life, as long as I have at least $500,000 they can help me.

All this new information got me to thinking; as a tax guy that is a bit of a nerd and spends way too much time studying the tax code, tax strategies, retirement planning and wealth building, what could they possibly know that I missed? So lately I have been spending a lot of time at Webinars, Free Meals and speaking with many of these people whose sole goal in life is to help me. Here’s what I found, so that you won’t have to waste your time.

What I have found is that they do not have a magic way to make my retirement (if I ever do retire) worry free. When they say they can show me how to take money out of my IRA or pension tax free, what they really mean is that I can pay the tax using money I borrow from an insurance company. I “should” move my money, what I need to pay the tax, and that I will then owe the insurance company who will take payment from the death benefit — unless I choose to liquidate the policy, at which time I will have to pay back the insurance company with interest for borrowing my own money. These salespeople are long on ideas but short on details, in most cases, until I commit my money.

In the end most are nothing more than sales people looking to close a deal. Yes, they do care about retirement, but not my retirement. What they care about is theirs. Over the years I have had many clients come to me with asset protection plans that while they may have made it harder for others to sue and take their assets, required thousands of dollars in accounting and tax services, complicated accounting and money be set aside for legal defense should something happen, and they need this heavy-duty protection. In almost every case the cost outweighed the benefit.

This is not to say that you can’t do anything about the amount of taxes you pay in retirement. But this is the kind of planning that well informed tax pros have been using for years. This includes timing IRA and pension distributions into low tax rate years, planning for capital gains and capital losses, using tax favored investments, like municipal bonds, where appropriate and even the appropriate use of annuities when deferral and asset protection is required.

We are hearing a lot about tax changes from the White House and Congress. The proposals include tax increases for families with income over $400,000 (but what will really happen in the end no one knows). Be careful about making moves based on tax changes that are not yet known. Make sure you have the facts and you understand the consequences of any actions you take as well as how those advising you are compensated for what they are advising you.

In the over 30 years we have been helping clients, tax rates have gone up and down, and the tax laws have changed many time, but no matter what the changes we have been able to assist clients in charting a course that makes sense and helps them to do better.

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Don’t Forget Qualifying Business Meals at Restaurants Are 100% Deductible This Year!

Don’t Forget Qualifying Business Meals at Restaurants Are 100% Deductible This Year!

  • Posted: Jul 14, 2022
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Don’t Forget Qualifying Business Meals at Restaurants Are 100% Deductible This Year!

So, what is a qualifying meal and who can deduct it?
Business meals are only deductible by the business. This includes partnerships, corporations, S corporations and sole proprietorships.
The deduction for business meals is generally 50% of the actual expenditure however until the end of 2022 100% of the cost of meals consumed in a restaurant are deductible. Avoid getting your business lunch at Seven Eleven or the grocery store where they are only 50% deductible and be sure to use a restaurant.
To be deductible the meal’s cost must be paid for by the business, either directly or through a reimbursement. Business meals are NOT deductible by employees. If you receive a W2 and are not reimbursed unfortunately you are out of luck, as you are unable to deduct this amount from your return.
For a business meal to be deductible it must be:
(1) ordinary and necessary AND paid or incurred during the tax year;
(2) NOT lavish or extravagant under the circumstances;
(3) the taxpayer, or an employee of the taxpayer, must be present at the furnishing of the food or beverages;
(4) food and beverages are provided to someone with a business relationship to the taxpayer’s business, a current or potential business customer, client, consultant, or similar business contact; and
(5) must not include the cost of entertainment
The deduction also requires substantiation be maintained including, the amount spent, the time and place, the business purpose, and the business relationship of the individuals involved. It’s important to set up a detailed record-keeping procedures to keep track of each business meal and to justify its business connection.
RMS ACCOUNTING
Accountant
We can service clients by phone, through a zoom meeting, and in our office.
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Now That Safety Reform Legislation Has Passed, Prepare!

Now That Safety Reform Legislation Has Passed, Prepare!

  • Posted: Jun 30, 2022
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Now That Safety Reform Legislation Has Passed, Prepare!

What To Do Now That New Legislation Has Passed

Now That Safety Reform Legislation Has Passed, Prepare!

by Enrolled Agent Steven J. Weil, Ph.D., EA, LCAM, Royale Management Services, Inc.

The tragedy at Surfside was a wake-up call for many of Florida’s high-rise residents and legislators.

To recap, in a Special Session on May 26, 2022, the Florida Legislature unanimously passed Senate Bill 4-D. The Safety Reform Bill comes with a deadline of December 31, 2024.

This means that Florida has now imposed a state-wide structural inspection program for condominium and cooperative associations that are three (3) stories or more in height. Buildings with a certificate of occupancy that was issued on or before July 1, 1992 must have an initial “milestone inspection” performed before December 31, 2024.

What is a Milestone Inspection?

A milestone inspection is a structural inspection of a building’s load-bearing walls and primary structural members/systems. They must be performed by a Florida licensed engineer/architect who must attest to the life safety and adequacy of structural components of the building.

The inspection consists of two phases:

Phase one — Visual examination of habitable and uninhabitable areas of a building. If there are no signs of structural deterioration found, phase two is not required.

Phase two — If substantial deterioration is found during phase one, phase two may involve destructive or nondestructive testing at the inspector’s discretion. This additional inspection may be as extensive or limited as necessary to fully assess areas of distress.

Community association managers or management companies working with associations that are subject to this inspection must comply as directed by the board. Upon receiving notice from a local law enforcement agency, condominium/cooperative associations will have 180 days to complete phase one of the inspection.

What About Reserves?

Beyond that, also effective December 31, 2024, no unit owner-controlled condominium or cooperative will be permitted to vote to waive or partially fund their reserves.

Condominiums and cooperatives must adequately fund reserve accounts, and the amount is determined by the most recent structural integrity reserve study, also required.

Unanswered Questions Remain!

What are the definitions and requirements for certain items that will be hashed out in the coming months by state and local building departments and regulators?

What will the costs be for milestone inspections and required reserve studies?

Will there be enough Florida licensed Engineers and Architects to handle the number of statewide inspections?

How much will the new mandatory reserve items add to the cost of owning and or renting in a condominium or coop?

What provisions, if any, can be made for financing the necessary phase two required repairs?

What Does It All Mean for Boards and Residents?

Clearly, the short answer to the question “what now” is PREPARE.

Costs of materials are rising. The sooner the work gets done, the lower the cost is likely to be. It makes sense to start now to interview potential engineers and architects.

It makes sense for Boards to review association documents and to educate residents about how the new laws will affect them.

Deciding what repairs to make will surely be controversial.

Many associations have not been funding reserves or only partially funding them for years. The mandatory change to fully fund is sure to be a costly and unwelcome adjustment.

It does seem clear that based on the new law the cost of maintaining and living in an association will increase and that this will impact many of the residents.

Royale Management Services, a registered and licensed community association management corporation in Florida, works with association Boards of Directors throughout South Florida to oversee the daily activities required for proper management, helping to educate them on their responsibilities, duties, and obligations. Royale’s team members are highly trained in all aspects of community association management and customer service to ensure that proper procedures are followed that keep the association in compliance with all of the rules governing elections, budgeting, accounting, operation, collection and assessment. The firm and its president are members of the Community Association Institute (CAI) and the Fort Lauderdale Chamber of Commerce.

Need some help getting ready for for your tax planning meeting? We have developed the YEAR END TAX PLANNING GUIDE

Need some help getting ready for for your tax planning meeting? We have developed the YEAR END TAX PLANNING GUIDE

  • Posted: Dec 21, 2021
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Need some help getting ready for for your tax planning meeting?

We have developed the YEAR END TAX PLANNING GUIDE, to help you uncover tax planning opportunities to

Download a copy of this important guide just click here.

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Royale Management Services, Inc., call today for a free quote and proposal!

Royale Management Services, Inc., call today for a free quote and proposal!

  • Posted: Dec 02, 2021
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CONDOMINIUM, COOP & HOME OWNERS ASSOCIATION MANAGEMENT

Royale Management Services, Inc. is a full-service, Condo Association Management (CAM) licensed, residential property management company, specializing in management, consulting and accounting for Condominium Associations and Home Owners Associations in South Florida: Broward, Dade & Palm Beach County.

 

We provide the highest quality, most cost effective management services your community and homeowners will find anywhere.

Accounting & Bookkeeping

Financial Management

Property Management

Web Services

Royale Management Services, Inc., exists to meet the needs of association owners, board members, and officers by providing, with the highest quality and integrity, association management, accounting and financial services, while controlling costs and making each community a better place for every owner.

We offer unprecedented access and transparency to the owners, board members and officers of each community we serve. Association records are open and available 24 hours a day, 365 days a year for inspection via our secure web portal. These records include all check, invoices, contracts, receivables, deposits, payments and correspondence.  Our revenue comes from management fees and disclosed charges included in our management agreement. We do not provide or perform services through related companies or divisions that add additional margins and profits to our bottom line. We maintain no preferred contractor lists based on any form of revenue sharing or other fees and associations and their boards are free to use existing contractors or others outside service.

We aim for and reach superior, measurable standards of quality with every service we provide. We serve only local associations (Broward County) where owners, board members, and officers can have access to all our professional staff and where we can be sure that all activities are supervised by our senior staff.

Our clients will regard us not only as a national leader in the world of association management and financial problem solving but also as a trusted friend and ally; as a partner in the pursuit of their community goals and objectives.

The Royale Management Services name will be synonymous with superior service-superior not only in quality and quantity but also in spirit. Mere adequacy of quality and quantity of service is not sufficient to satisfy the commitment we have made to our clients. In fact, it’s the spirit in which we deliver our service that makes us unique. In a large part, it is the spirit which accounts for the Royale Management Services difference.

 

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What happens when a board member who is in attendance at a board meeting fails to cast a vote on a matter brought before the board for a vote?

What happens when a board member who is in attendance at a board meeting fails to cast a vote on a matter brought before the board for a vote?

  • Posted: Oct 18, 2021
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What happens when a board member who is in attendance at a board meeting fails to cast a vote on a matter brought before the board for a vote?

by 

A director of the association who is present at a board meeting at which action on any corporate matter is taken is presumed to have assented to the action taken unless he or she votes against such action or abstains from voting. A director who abstains from voting on any action taken on any corporate matter is presumed to have taken no position with regard to the action. A vote or abstention for each member present must be recorded in the minutes of the meeting. Condominium: Section 718.111(1)(b), Florida Statutes Cooperative: Section 719.104(8)(b), Florida Statutes

 

Owners and the Board of Directors

Every association board I know want’s the owners in the community they serve to be informed and involved.  That is why we send out notices of board meetings and offer owners the ability to take part in those meetings by Zoom or in person.

The association’s board represents the owners of your association and has the important job of making decisions on behalf of the association. The board has a duty to protect the property value of the association’s owners along with the safety of visitors and residents to the association. They have a responsibility for oversite of association funds and association management.

The board is also charged with complying with and enforcing the associations governing documents, to do this they have the ability to hire professionals and advisors, including; managers, engineers accountants, attorneys and contractors and while in some cases the law requires then association to seek bids, it never requires the association to hire the low bidder. Instead, it is the board’s responsibility to choose the vendor and bid they feel fits the needs of the association best.

In many cases owners only take notice of board’s action when it effects their pocketbook; for example, when they receive a notice of special assessment, or their maintenance fees are increased. By that time the vote has most certainly been cast, as the meeting to discuss and approve the project or budget have already been held. The best time to get involved, so that you understand why an increase or assessment is necessary, and have a chance to provide input, is early. Attend board meetings, especially those to discuss projects, review contractor recommendations, and make decisions about what needs to be done.

The recent events at Surfside serve to point out what happens when important projects and/or maintenance are delayed due to unit owner objections to costs or project necessity.  These delays are often caused by a small group of very vocal unit owners that think they speak for the owners, when in fact it is the board that speaks for the owners, as they are the sole elected representatives of the owners.

At best the delays caused by these small vocal groups cost additional time and money, at worst they can be catastrophic. It’s important for owners to support the board when the time comes to proceed and that they participate early in the process, providing input and asking the questions they feel should be addressed before decisions are made and not after.

Royale Management Services, Inc. has been serving South Florida since 1984. The company was founded to provide high quality management and accounting services for business and individuals, Royale Management Services, Inc. expanded to the Community Association and Home Owner’s Association Management business in 2000.

Our team members are highly trained in all aspects of community association management and customer service. We take pride in delivering property management services that work!

Royale Management Services, Inc.
2319 N Andrews Avenue
Fort Lauderdale, FL 33311

Phone: (954) 563-1269
Toll Free: (800) 382-1040

Email: cam@rmsaccounting.com

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We were outsourced Accounting and Bookkeeping resource when no one knew what outsourcing was

We were outsourced Accounting and Bookkeeping resource when no one knew what outsourcing was

  • Posted: Oct 07, 2021
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We were outsourced Accounting and Bookkeeping resource when no one knew what outsourcing was

Back in 1984 when we opened for business, our first clients turned over their bookkeeping and accounting to us to handle for them. In those days we sent information back and forth by fax and federal express: no one had heard of the internet and the only clouds we knew about were is the sky. But for Clients that could not keep their records in order, we were able to help them get out from under a bookkeeping mess and back to doing what they did best — building their business.
While our methods have changed (no more faxing and Federal Expressing), one thing has never changed; all work is done by our full-time employees that are based in our offices here in Florida. This allows us to be sure that our staff is always available to take your calls, answer your questions, and respond to inquiries from your customers and vendors.

RMS Accounting combines quality cost effective accounting and bookkeeping services with a team of tax accounting professionals to help clients make and save more money.

rms-accounting

Accounting and tax services are about more than just numbers on a page. Unlike other accounting firms, when you call us you will get a live human being not voicemail and unlike other accounting firms we will work with you on your business helping you to grow profits and cut taxes. Unlike other accounting firms we will tell you before we begin work exactly what it will cost for our help.

Our tax accounting professionals will be happy to assist you with; tax planning, tax preparation and tax representation.

Our tax accountants are EA’s (Enrolled to practice before the IRS). They know the tax laws and will make sure you don’t pay one penny more than you have to. Visit us for a free consultation with a tax accountant, who will review your tax situation, with you to determine the best course of action. The tax accountant will provide you with a free fee quotation.

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Royale Management Services, Inc. is looking for an LCAM, that wants a Field Services Manager position (Portfolio Manager).

Royale Management Services, Inc. is looking for an LCAM, that wants a Field Services Manager position (Portfolio Manager).

  • Posted: Aug 17, 2021
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We are looking for an LCAM, that wants a Field Services Manager position (Portfolio Manager).

 

Apply Today: >  https://www.indeed.com/job/property-manager-lcam-960366b01b3c303b

Property Manager, LCAM

Royale Management Services, Inc.
Wilton Manors, FL 33311
$42,000 – $48,000 a year – Full-time

Field Services Manager / Portfolio LCAM

Florida Licensed CAM to oversee property management, vendors, and operations, while working with our team of professionals to provide inspections, oversite, and board communication. Must work as a team player with an in-house assistant and compliance officer. Handling a group of properties in Broward County. Position requires 1-3 years’ experience managing associations as a portfolio manager and a clean Florida CAM license.

Responsibilities:

* Weekly property inspections and management reporting.

* Working closely with board members on planning and implementation.

* Oversight of association vendors and employees.

* Coordination owner compliance and notification of owner violations.

* Development of RFP and solicitation of vendor bids.

* Communicate with board members via email and in person with professionalism and timeliness.

Qualifications:

* Florida CAM license.

* Ability to work with and assist boards in properly conducting association business.

* Ability to direct vendors.

* Good temperament with all types of personalities.

* Ability to multi task and follow through.

* Knowledgeable of Florida statutes as they relate to homeowners association and condominium laws.

* Organized and able to complete tasks.

Salary, Health Insurance, Retirement Plan, Disability & Life Insurance, along with mileage allowance and phone allowance.

Must have valid Florida Community Association Manager’s License

Job Type: Full-time

Pay: $42,000.00 – $48,000.00 per year

Benefits:

  • Disability insurance
  • Flexible spending account
  • Health insurance
  • Life insurance
  • Paid time off
  • Professional development assistance
  • Retirement plan

Schedule:

  • 8 hour shift
  • Monday to Friday

Work Location:

  • One location

Work Remotely:

  • No

 

Steven J Weil, PhD, EA, LCAM, President

954-563-1269     800-382-1040

2319 N Andrews Avenue

Fort Lauderdale, FL 33311

www.RoyaleManagement.com

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There has been a lot of talk lately about the 40 Year Recertification of Buildings in Florida

There has been a lot of talk lately about the 40 Year Recertification of Buildings in Florida

  • Posted: Jun 29, 2021
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There has been a lot of talk lately about the 40 Year Recertification of Buildings in Florida

The truth be told the law that requires recertifications after 40 years and then again every 10 years after that is not a state law. or Miami/Dade County and Broward County law.

The law was first put in place by Miami Dade county in 2001 with Broward County essentially copying the Miami/Dade law in 2006.

The process is primarily a creature of Miami-Dade and Broward counties. It’s an inspection intended to ensure buildings are structurally and mechanically safe and intact as they age.

It requires an engineer to do a study of the building based on its structure, electrical, plumbing, and so on, the study is going to tell, what’s wrong with the building. In south Florida that often means issues with concrete and other structural systems. Living in paradise might be great for people but, sun, wind, salt air, and hurricanes takes a toll on buildings. Regular maintenance painting, waterproofing, and other repairs can slow the toll but not eliminate it.

To learn more, check out https://www.broward.org/CodeAppeals/Documents/40YBSI-INFO-Rev.6-15.pdf

 

OWNER MAINTENANCE CHECKLIST by Steven J Weil, PhD, EA, LCAM

OWNER MAINTENANCE CHECKLIST by Steven J Weil, PhD, EA, LCAM

  • Posted: Feb 04, 2021
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OWNER MAINTENANCE CHECKLIST

by Steven J Weil, PhD, EA, LCAM

 

Over the years, many owners have asked us, “What maintenance duties am I responsible for within my condominium unit?” While every association is unique there are some things that are standard. This list is intended to assist you in understanding what you are responsible for and what you should make sure is done to protect yourself, your unit and your neighbors, for easily prevented but often costly damages that failure to maintain could make you liable for.

  • Change your Air Conditioning filter, monthly is best but never less than quarterly.
  • Sign up with an Air Conditioning company for an annual preventative maintenance plan.
  • Leave the Air Conditioning running when you are away for long periods to prevent mold and mildew. The humidity in South Florida can be a breeding ground for mold and mildew, your Air Conditioning helps lower the humidity in your unit preventing both from growing.  You can turn your thermostat up to 80 degrees so your Air Conditioning runs less but don’t turn it off.
  • Have your hot water tank checked by a licensed plumber to make sure it is not past its useful life. Hot water tanks that are 10 years or older should be replaced before they fail.
  • Inspect plumbing fixtures including toilets, sinks, faucets, drains (check under sinks and in cabinets for leaks to drain and traps) and water supply lines; replace all rusted or worn parts. South Florida water eats away at the fittings inside your toilet tank and faucets allowing water leaks that run up the common water bill costing every owner more in monthly maintenance; water is becoming a precious commodity in South Florida and this means that the cost keeps going up. Failure of any of these can result in damage to not only your unit but the units of your fellow owners as well making you responsible for the cost of putting things back the way they were.
  • Make sure the main water cut-off valve coming into your unit is working by testing it. If it’s not working have it replaced. Be sure to coordinate replacement with the Property Manager.
  • Check hose fittings on washing machines for tightness. Consider changing from the standard rubber style to a flexible metal-covered or “braided” hose. Old laundry hoses have been known to break and cause a flood. It’s best to replace these every 5 years or whenever you see signs of possible failure like bulges or fittings coming loose.
  • Replace old refrigerator ice maker supply lines with new industry standard flexible line.
  • Check caulking around all tubs and showers. Inadequate caulking or cracked caulking can cause leaks.
  • Have the duct for your dryer cleaned at least once each year. Lint-clogged ducts are the cause of many condominium fires.
  • When you’re planning to be away from your unit for longer than a few days, think about turning off your main water supply valve to prevent a flood while you are away.
  • Remember damage cause by failure to maintain your unit is your responsibility and it can be costly.

Doing a little bit of preventive maintenance can protect you, your property and your neighbors.

 

Royale Management Services, Inc. provides the most professional, effective, accurate and efficient condominium management service available.

We provide professional property management services only in South Florida: Broward, Dade & Palm Beach County.

Royale Management Services, Inc. is a full-service, CAM (Community Association Management) licensed, residential property management company, specializing in management, consulting and accounting for Condominium Associations and Home Owners Associations.

We are dedicated to excellent customer service and pride ourselves on providing condominium management services and home owner association management that work for you and your association.

Please browse our website to learn more about our company, our many services, and our commitment to excellence.

If you want to learn more or have questions about our services, call us at 1-800-382-1040 or 954-563-1269 to speak with one of our professionals today.

 

 

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