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Find Blog Articles for Florida’s Condo, HOA and the Management Industry. 

Please take the time to review the information provided in Florida Statute 316.2122 which governs Low Speed Vehicle use

Please take the time to review the information provided in Florida Statute 316.2122 which governs Low Speed Vehicle use

Please take the time to review the information provided in Florida Statute 316.2122 which governs Low Speed Vehicle use and provides certain restrictions. A few of the most important are:

1. Low speed vehicles can only be operated on roadways with a speed limit of 35 MPH or less.

2. Low speed vehicles must be registered (Tag) and insured as with any motor vehicle.

3. To operate a low speed vehicle, you must have a valid drivers license in your possession.

4. Low speed vehicles must be equipped with all safety equipment such as, headlights, tail lights, seat-belts. mirrors etc..

5. Low speed vehicles are subject to all traffic regulations as provided by Florida Statutes and must be registered and insured.

**REMINDER** “Unregistered” golf-carts traveling anywhere within the City is never permitted except when traveling to and from a nearby golf course on a municipal street authorized by the governing municipality and as provided for in Florida Statute 316.2122.

 

If you are looking for a Golf Cart Members of SFPMA is where you should be looking –  GOLF CAR CONNECTION

Golf Car Connection

 

The Golf Car Connection is an authorized Yamaha Golf Cart and Motrec industrial vehicle dealer.

We offer Yamaha, Motrec, and other popular golf cart brands including Club Car and EZ-GO for sale, lease, and export since 1981.

Call our office for a  quote:  954-946-8008

Looking for a new or used Golf Cart? Look no further! Golf Car Connection makes it easy to find new and used golf cars for sale.

Browse our complete inventory of new and used golf carts.  Contact Us to request a price quote.

 

 

 

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HOA Balance Sheets

HOA Balance Sheets

HOA Balance Sheets

The balance sheet in your HOA financial statement is the quickest and easiest way to get a feel for the financial strength of your community association. There are three parts to a balance sheet: assets, liabilities, and equity.

Assets = Liabilities + Equity. This is the basic formula that your HOA balance sheet should follow. It will provide a general snapshot of how well your association is doing financially at a certain point in time whether it be at the end of every month, quarter, or year. It should be included in every official financial statement.

 

 

  • Assets – the positive. Assets are anything of monetary worth owned by your HOA. This includes things like reserve funds, petty cash, bank accounts, property, etc.
  • Liabilities – the negative. This will be anything owed by the association such as maintenance fees, improvements, or vendor bills. Anything that costs money will be a liability. Depreciation on community structures, vehicles, or equipment also counts as a liability and should also be added to the HOA balance sheet.
  • Equity – what’s left. Equity is the difference between the value of the assets and the value of the liabilities. To find equity, the formula can be rearranged as: Equity = Assets – Liabilities.

 

If you follow the formula and your equity is positive, good job! Your association is doing well and is bringing in more money than it owes. If equity is negative, it means that you should quickly reevaluate your finances; more money is being spent than is coming in.

Not all equity is created equal. Having an equity of $5,000 would be great for a small HOA that only brings in $8,000 monthly but not so great if your community collected $100,000 monthly. That’s where equity ratio comes in. Equity ratio can be calculated by taking your total equity and dividing it by total assets: Equity Ratio = Equity / Assets. Using the same example from above, the smaller HOA would have an equity ratio of 63% while the larger HOA’s ratio would be only 5%. When listed as a ratio, it becomes quite clear which HOA is more financially sound despite having the same total equity.

HOA balance sheets, whether prepared monthly, quarterly, or annually, are a good representation of the daily operation of your community association. A negative equity on an annual sheet does not only mean that an HOA has lost money over the year, but it also means that day to day operations are flawed and need to be reconsidered.

Just as with financial statements, the more frequently balance sheets can be made up, the more insight they can provide into the financial workings of a community association. While it is perfectly acceptable to release financial and balance sheets annually, it is preferred to release them monthly or quarterly. The more information your board of directors has to work with, the more effectively they can operate.

 

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BECOMING A PAPERLESS ASSOCIATION

BECOMING A PAPERLESS ASSOCIATION

BECOMING A PAPERLESS ASSOCIATION

by Enrolled Agent Steven J. Weil, Ph.D., EA, LCAM,
Royale Management Services, Inc.
Is it time your association did away with paper records? Paper records take up lots of space, are difficult to share and expensive to store, not to mention the fact that they often attract bugs and other vermin.
Digital records, on the other hand, allow nearly unlimited storage using little or no physical space. Combine this with easy back-up, ease of access and decreased probability of loss of records or mis”ling, and digital records can be very appealing. They are also easier to search, harder to change and can be easily protected from loss due to “re, $ood or other disasters via “cloud” back up. Computer data storage in the “cloud” is inexpensive or sometimes free, and it is encrypted for security. Files can be organized into folders and quickly and easily accessed. Best of all, digital records can be shared and still remain intact so that records are never missing.
The State of Florida is on board. Condominiums with 150 or more units are now required by law to maintain a website and to post a myriad of association documents on it that are accessible only by unit owners.
There are legal considerations in any transition to paperless. It’s a good idea to be sure that the Statutes and the association’s governing documents do not mandate the use of paper documents delivered by mail. Association documents are generally silent on the topic of digitized
records. In fact, they typically don’t even cover paper records since many were written when no other form of record keeping existed. In the absence of any reference to how records are to be maintained other than that they must be maintained, electronic records meet all the requirements.
Florida community associations are permitted to send membership meeting notices and certain board meeting notices to the owners electronically only if the association obtains the written consent of the subject owner.
Further, association business conducted by Board members via email must be retained since they may need to be accessed in the event of a lawsuit.
Association business should be conducted on a dedicated email account, and document storage should be handled with care.
Here at Royale Management, we have been digitizing our associations’ records for many years; and while we still have a few clients that have insisted on keeping paper records, we are in the process of converting those associations to digital records as well.

 

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 #rm and its president are members of the Community Association Institute (CAI),State of Florida Property Management Association (SFPMA) and the Fort Lauderdale Chamber of Commerce.
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Outdoor Patio Furniture by XHIBITZ Contact Furnishings

Outdoor Patio Furniture by XHIBITZ Contact Furnishings

  • Posted: Mar 12, 2019
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Our philosophy has not changed since our beginnings, Xhibtz works with you to ensure you purchase the right product and service for your outdoor needs.

XHIBTZ is a Manufacturers Representative and Purchasing Company taking pride in offering quality products and service for the past 14 years. We are dedicated furniture and accessory providers to country clubs, yacht clubs, hotels, resorts, property management companies, homeowner associations, condominium associations, interior designers and residential and estate home owners.

We’ve received accolades for our service in delivering the best the industry has to offer in patio furniture, pool and beach furniture, sofas and chairs, and tables; we also provide quality accessories such as cabanas, umbrellas, and custom cushions to complement your outdoor area. Ask about our custom furniture restoration service for limited budgets.

We are pleased to offer a complete selection of products including patio furniture, pool and beach furniture, sofas and chairs, and tables. We also provide quality accessories such as cabanas, umbrellas, and custom cushions to complement your outdoor area.

     

Contact Us Today.

Email: xhibtz1@xhibtz.com
strong>Phone: 954.614.1505

Members Directory Listing Page: https://sfpma.com/listing/xhibtz-contract-furnishing/

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