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The mandatory funding of all the required reserve funds will make living in these hi-rises very interesting in the next two years

The mandatory funding of all the required reserve funds will make living in these hi-rises very interesting in the next two years

  • Posted: Oct 28, 2022
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MANDATORY RESERVES

By Jan Bergemann

Finally the Florida Legislature got the message they should have gotten 20 years ago: FULLY FUNDED RESERVES ARE MANDATORY!

And even if the legislature gave condo owners a reprieve until December 2025, condo owners should start now to consider their options:

Will they be able to afford the much higher maintenance fees they will have to pay monthly in the future or will these much higher fees break their household budget?

Let’s just face it: For most of the years past condo owners waived reserves in order to keep maintenance fees artificially low – meaning that many of the associations at this point don’t have any reserves worth talking about. Remember: According to media reports the Champlain Tower South had only $700,000 in reserves, but needed about $16M to pay for the necessary repairs.

That will have to change real fast and the fact that many of the required inspections will have to be followed up by costly repairs and maintenance high special assessments are on the horizon for many hi-rise buildings (buildings higher than three floors).

As much as this change to the Florida statutes was long overdue it will definitely price quite a few families out of their homes. But in all reality there is really no other way around it and the fact that many condo owners used the loophole in the statutes that allowed waiving the funding of reserves is now coming back to haunt the owners who in former times dismissed the idea of funding reserves.

We already see condo owners protesting against boards about the problems that are visible in these buildings. The big question in these cases: Does the association have the necessary funds to take care of the needed maintenance and repairs or are the owners willing and able to pay the special assessment the board might have to levy in order to pay for the contractor?

The mandatory funding of all the required reserve funds will make living in these hi-rises very interesting in the next two years – and we will have to see how strong the government agencies tasked with overseeing these new provisions in FS 718 are enforcing these provisions.

Our Blog ( Industry Articles ) can be found on SFPMA.com – between our writers and all members of sfpma we have been for over 15 years keeping our industry up to date with the right Legal, Business and Services Articles. SFPMA sends and publishes these and sends to over 230,000 emails keeping everyone informed.

Look for our article upcoming on Condo Funds and Investments, on SFPMA

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Guide to HOA Financial Statements

Guide to HOA Financial Statements

  • Posted: Oct 28, 2022
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HOA Financial Statements

Managing the finances of a community association is one of the most difficult, and most important, responsibilities of an HOA board of directors. Preparing detailed HOA Financial Statements on a regular basis serves a multitude of purposes from providing insight for financial planning, promoting transparency between the board and residents, as well as being a requirement by law in some instances. The frequency of preparation may vary depending on state laws, community bylaws, and the size of the association.

If you are having trouble preparing community financial statements, the professionals at CSM are standing by to answer all your questions. We have years of experience working with thousands of residents across the United States.

 

What is an HOA Financial Statement?

Simply put, an HOA Financial Statement is an official record that details all the financial activities of the community association. Specific details that must be included depends on state regulations and community bylaws, but there are some basic details that should be included regardless of size or location:

The most common mistake that people make when preparing HOA financial statements is not adding enough detail. Every detail that can be added, no matter how small, can provide a more thorough insight and lead to better decision making. When in doubt, include it.

It should also be put into an easy to read format. These documents will be available to everyone in the community, most of which do not have advanced accounting degrees. For an HOA financial statement to be effective, it needs to be prepared so that anyone can understand the content. Making it too complicated alienates people and hinders community relations.

 

How Often Do Financial Statements Need to be Prepared?

There is no standard frequency that HOA financial statements must be prepared. It will depend on state regulations, community goals, and the size of the community. Of course, the more frequently statements can be prepared, the more helpful they will be for the board of directors. Smaller HOAs with simpler budgets can prepare monthly without much problem. Larger associations with more complicated budgets may opt to prepare statements quarterly or annually.

No matter what decision is made regarding frequency, it must be maintained. Straying from the regular schedule only causes issues between the board members and homeowners. It leads to a feeling of distrust. When dealing with financial information, it is best to be open and honest in as much detail as is appropriate.

For smaller, self-managed associations, if there is trouble getting financial statements completed on time, it is relatively inexpensive to hire an accountant as needed to prepare balance sheets. This ensures that all the information will be completed in a timely manner without taking time out of community volunteer’s busy schedules. It also means that the statements have been professionally checked and relieves some of that stress from the board members as well.

There are also a multitude of services available from CSM to help homeowner’s associations get organized and prepare their own financial statements. With the professional support of an experienced team along with state-of-the-art technology, even the most inexperienced association members will be able to navigate the complicated waters that is HOA financial management with ease.

 

What is a Financial Statement Used For?

The obvious answer is that detailed HOA financial statements can be used by the community association board of directors to adjust budgets, dues, and allocate money for maintenance and projects. The more detailed the statement, the more effective the HOA.

It is a requirement for any sort of financial planning. For starters, if records are kept consistently, association directors can look back on previous financial years to identify patterns that could affect the current budget and adjust accordingly. It is also imperative to keep track of money owed. If detailed records are not kept, it can be near-impossible to keep track of delinquent dues or know how much money is available to budget for community maintenance and new projects.

In some states, it is a legal requirement for HOAs to maintain and submit regular financial statements. Even if it is not required in your state, it is a good idea to keep detailed records anyways as they will be extremely beneficial for all other aspects of homeowner’s association management.

Most importantly, having detailed financial statements readily available to all HOA members can promote transparency between the board and the community. If the homeowners can see what their money is going towards, they will be more agreeable and open with the board of directors. It promotes teamwork throughout the community.

 

Where Should the HOA Financial Statements Go?

As with most things regarding HOA financial statements, it depends on state laws and community bylaws. Generally, there are three places that they need to be turned in:

  1. The HOA Board of Directors – the board of directors should receive a full, unedited report. They will need all available financial details in order to make informed decisions and plans regarding community maintenance and future projects.
  2. Community Members – to foster an open and transparent relationship, homeowners should also receive copies of HOA financial statements. These statements, however, should be altered to exclude sensitive information such as delinquent accounts. There is a difference between being sensitive and being secretive. If it will not cause an issue between community members, it should be included in the documents sent to community members. All HOA financial statements should be available upon request.
  3. State Department – if a homeowner’s association is organized as non-profit, an annual report must be filed with the Secretary of State. Failure to do so could result in losing their “Good Standing” status. This may not be applicable to all HOAs.

The more accessible financial statements are, the better. Some community associations even opt to put their financial information on their website to allow homeowners to view it at any time. Of course, not all information needs to be publicly accessible, but everything that can be included should be included. Transparent financial processes help to promote teamwork and positive community relations between homeowners and association board members.

 

Who Should Prepare Financial Statements?

This answer depends on the size of the community. Smaller, self-managed associations may have an elected treasurer, financial officer, or president that is responsible for compiling financial documents. In such cases, it is a good idea to use a professional accountant to ensure that HOA financial statements are prepared correctly before releasing them to board and community members. Remember, just because someone was elected treasurer, does not necessarily mean they have accounting experience. It is always best to hire a professional. Large homeowner’s associations have more complex budgets and will usually have a management company, such as CSM, that handles all financial data.

If statements are self-prepared by an elected community member, make sure that there is a backup of all financial records. In the unfortunate event that something happens and the preparer is no longer able to maintain their responsibilities, it can be difficult for the next person to learn their accounting methods or sometimes even gain access to the records.

Whether an HOA is made up of ten units or ten thousand units, it could be beneficial to hire a management company to ensure that everything is being run as efficiently and effectively as possible. When looking into property management companies, it is important to look for a company with a strong financial background. If the finances are not well kept, the entire community association becomes ineffective. Hiring a company such as CSM to provide financial management assistance not only makes life easier for the board of directors but can also give community members peace of mind knowing that all finances are being managed accurately and efficiently.

 

The Importance of HOA Financial Statements

To make a great plan, it is important to have all the information possible. Reliable, consistent, and transparent financial statements not only help the HOA board of directors make well-informed decisions but also support community health by allowing all community residents and stakeholders to be a part of the team. Keeping members in the dark only promotes mistrust and working with inadequate or no financial information can lead to dwindling reserves for community upkeep and new projects.

Creating an effective HOA is as simple as choosing an accounting process that works for your team, keeping detailed records, and communicating openly and freely with the community about all financial information.

 

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Condo HOA Loans / Your Trusted Community Association Financial Resource

Condo HOA Loans / Your Trusted Community Association Financial Resource

  • Posted: Oct 17, 2022
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Condo HOA Loans

Your Trusted Community Association Financial Resource

 

 

Don’t go it alone. Whether your Community requires Conventional or Private Lending, CondoHOALoans can assist you in obtaining the necessary funds for Projects, Reserves, or Cash Flow.

When your Community Association works with our Law Firm to facilitate and secure financing, your Community will also have the optional benefit of receiving 100% FREE Delinquent Account Collection Services.

Not sure if financing is right for your Association? Download the Association Funding Options Infographic and take our Free Financial Health Survey to find out.

Click on the Ad below and Download the pdf.

 

 

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Searching for Money: A Condominium Association’s Guide to Acquiring Financing by Becker

Searching for Money: A Condominium Association’s Guide to Acquiring Financing by Becker

  • Posted: Sep 21, 2022
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Searching for Money: A Condominium Association’s Guide to Acquiring Financing

by Steven B. Lesser  of Becker

A Condominium Association enjoys broad powers based upon Chapter 718, Florida Statutes, otherwise known as “The Florida Condominium Act.” Despite the guidance provided by the statute and case law which interprets it, little has been written to guide Condominium Associations when borrowing funds to finance various projects.

Associations often borrow money to build capital improvements such as clubhouses; perform extensive remedial work and to buy out recreational leases. Associations must be careful to review its own condominium documents to evaluate whether limitations exist on the right to borrow. This article will discuss the practical considerations to be addressed by a Condominium Association when borrowing funds.

 

Review Of The Condominium Documents
The condominium documents including the Declaration of Condominium, Articles of Incorporation and By-laws dictate how money can be raised to fund certain projects. the procedure to be followed depends upon the purpose for raising such funds. To the extent that the Association desires to perform maintenance work to its own property or common elements, money can be raised by passing a special assessment on its unit owners pursuant to Section 718.116, Florida Statutes. Most condominium documents provide the Association with the authority to borrow funds for such purposes without acquiring unit owner consent. However, to the extent that the Association desires to buy out a recreation lease, build a clubhouse or otherwise perform material alterations or acquire substantial additions to the common elements or to Association property, unit owner approval is necessary. Section 718.113, Florida Statutes provides that if the Declaration of Condominium is silent on the percentage of unit owners required to approve such activities seventy-five (75%) percent shall govern.

 

Where To Seek Financing
Once the Association has determined the purpose in raising funds, a source of financing must be located. Financing is often sought when the Association is unable to raise sufficient funds through a special assessment of its members. In many instances, some or all members may not have the money to pay a large lump sum assessment. Typically, an Association will first attempt to look to acquire financing from the bank that handles its operating account. However, the Association should not view the bank as its only source. Often times, members of the Association’s Board of Directors or unit owners may have personal contacts with a lender that is able to provide more favorable rates and flexibility in terms of structure and cost of financing. In some circumstances, a willingness to shift the Association’s operating account to another lender will provide the Association with leverage to acquire the most favorable financing program.

 

Structuring The Deal
Once the Association has acquired authorization to borrow money and has located a lending institution, structuring the deal becomes the next significant step.

It is not unusual for an Association to borrow in excess of $ 1 Million to finance the purchase of recreational lands from a Developer or to perform significant renovation work to remedy structural defects such as those associated with balconies located in close proximity to the ocean. Lending institutions, with the assistance of counsel for the Association, can be creative in formulating a plan to achieve the financial goals of the Association. The most significant aspect is how the lending institution will secure its loan to the Association.

Unlike other private entities and individuals, a Condominium Association has the statutory right to raise money by a special assessment of its members. Under this scenario, a unit owner’s failure to pay a special assessment will constitute a lien on each condominium parcel for any unpaid assessments. The lien for unpaid assessments will also be subject to an award of interest and reasonable attorney’s fees incurred by the Association to collect or enforce the lien. This statutory right to pass and enforce a special assessment provides security to a lending institution that elects to lend money to an Association. Consequently, a lender will often accept an Assignment of the Association’s right, title and interest in and to all current and future assessments made by the Association against its unit owner members for the purposes of timely payment of all sums due to a lender. For example, an agreement for the purchase of a recreation lease and underlying property between an Association and lender will often include an Assignment which provides as follows:

“The Association hereby irrevocably and unconditionally assigns all of its right, title and interest in and to all special assessments now existing or hereinafter levied by the Association against its unit owner members which are made for the purposes of repayment of the loan or the payment of rent under any lease or lease on real property owned by the Association.”

The foregoing procedure provides the lender with assurance that the loan will be repaid. However, financing a special assessment is expensive when considering loan and interest charges. Certain unit owners may be opposed to being assessed finance charges when they are financially capable of paying the special assessment in a lump sum at the time the loan is acquired. Should a number of unit owners have the ability to pay the special assessment in a lump sum, this process would reduce the total amount of money to be borrowed by the Association along with incidental finance charges.

As a special assessment constitutes an encumbrance on property, the Association would negotiate elimination of any prepayment penalty charges should the loan in whole or in part be paid early. Consequently, elimination of a pre-payment penalty clause would enable the Association or a unit owner to avoid additional finance charges should they pay off the debt prior to the maturity date.

 

Typical Costs Associated With Financing
Should the Association elect to mortgage its property to acquire financing the following fees will be generated:

Bank loan fees, Bank counsel fees, corporate searches, Survey, Title insurance costs, accounting costs, Documentary stamps, Intangible documentary stamps on the amount of the note and mortgage, Environment assessment of property, Recording charges, The cost of amending the condominium documents if additional property is acquired by the Association.

The Association and its counsel should attempt to discuss and negotiate the above-listed fees with the lending institution prior to signing a commitment letter. The Association should never sign a commitment letter without first consulting with counsel. Once the commitment letter is signed, the Association may be obligated to pay a non-refundable fee. Moreover, attempting to re-negotiate the terms of the loan may delay the process as it would require reconsideration by the loan committee.

 

Conclusion
In closing, a condominium Association must identify its purpose in raising funds. The purpose of raising funds will dictate the procedure to be followed. If funds are to be raised for maintenance repairs, a special assessment can be passed without unit owner consent. Condominium documents typically authorize the Board of Directors of a Condominium Association to borrow funds without owner consent. However, certain condominium documents may require unit owner approval. To the extent that the Association elects to borrow funds to perform material alterations or to acquire a substantial addition to Association property, the condominium documents will govern the procedure to be followed. If the condominium documents are silent, seventy-five (75%) percent unit owner approval must first be acquired before a special assessment can be passed pursuant to Section 718.113 (2), Florida Statutes.

When attempting to acquire financing, look to the members of Association’s board of directors and its unit owners to identify lender’s that can provide the most favorable rate. The bank handling the Association’s operating account is often the best source of financing and may be willing to negotiate certain costs associated with financing. Likewise, conferring with an attorney that specializes in association work can often assist you in reducing the costs associated with obtaining a loan.

Most importantly, shop around and take advantage of the collective financial strength of the Association and its unit owner members.

Steven B. Lesser

Shareholder

Ft. Lauderdale

 954.987.7550

 SLESSER@beckerlawyers.com

 

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The Infinite Game in Condo Governance by Mitch Drimmer of Axela Tech.

The Infinite Game in Condo Governance by Mitch Drimmer of Axela Tech.

  • Posted: Sep 08, 2022
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In 1986, Professor James P. Carse presented the concept of finite and infinite gaming. He said, “there are at least two kinds of games: finite and infinite.

A finite game is played for the purpose of winning, an infinite game for the purpose of continuing the play.” Sports games, like football and baseball, are clearly finite games. They have specified chunks of time in which one is expected to do better than the other. An infinite game has no winners and no time length. Instead, it’s just a set of rules and expectations you must continue to participate in without end.

Simon Sinek took this game theory and applied it to the planning and continued success of a business enterprise. Businesses are not time-restricted games. You don’t have a year or five or ten in which to complete some kind of final objective. Sure, there are benchmarks and points of obvious success, but there is no end to business.

Now apply that kind of thinking to the HOA and condo industry: community associations, and in particular, condo governance. A condominium should be run with an “infinite game” mentality, with the goal of the structure being maintained to reach the ripe old age of eternity. Can a structure last infinitely? Maybe not, but even so, that is how it should be governed. There is no shelf life on a condominium building.

Keeping Score in Condo Governance is Playing a Finite Game

Condominiums all too often live on a budget-to-budget basis (or a special assessment to special assessment basis) with very little regard for the future. This kind of condo governance manifests itself in an inadequate capital improvement plan or a functioning preventative maintenance protocol.

Many condominiums are run by a seat-of-the-pants mentality–the pinnacle of finite thinking. This budget-to-budget, board-to-board, manager-to-manager mentality is destructive and a clear blueprint for a condominium’s demise. It pits past, present, and future against one another, each one keeping a score of who did what and who should be responsible for what comes next. Often, this means everyone is passing the buck, and no one is actually accomplishing anything. Managers and board members need to think in terms beyond their tenure with the community and consider the far future in their planning and attitude.

Recently, we have witnessed the results of a condominium playing a finite game. Could there be a better example of misguided short-term planning than what happened in Surfside, Florida? Reports all indicated that the board of directors thought about only the short-term struggles–their time in office, the quickly-mounting immediate expenses, the inconvenience of a serious construction project–and played a finite game with disastrous consequences.

But the board is not alone in their fault. They had no direction from their law firm (which was fined $31 million dollars), which should have known better. This tragedy did not happen in a vacuum.

Sustaining Through an Infinite Game

As extreme as an example Surfside is, the thinking remains endemic. It is not an anomaly, it is only the worst-case scenario and a scenario many buildings are facing after so many years of neglectful condo governance.

It all begins with a reserve study. A quality reserve study can start the process of future planning for a condo building. Ideally, the results will physically lay out what the future may hold. It won’t be perfectly spot-on, but it is at least there as an initial guide.

This is how communities play the infinite game–a good reserve study is not a one-and-done event. A proper reserve study requires long-term maintenance and updating as inflation, and other infrastructural issues inevitably erode the previous year’s budget. Playing an infinite game in condo governance will ensure its longevity, value, comfort, and positive residential experience.

Start Playing an Infinite Game

A condominium that has a good reserves program, maintains an honest budget, pursues delinquencies, seeks out stability in management, and continues to embrace new technologies to reduce expenses is playing the infinite game.

It’s election season for boards of directors, so why not campaign on governing with an infinite mentality? Govern and manage your building like it is supposed to last forever. For more advice on condominium fiscal management and collections, contact us today.

 

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Webinar: Loans and Borrowing Money – What Community Associations Need to Know

Webinar: Loans and Borrowing Money – What Community Associations Need to Know

  • Posted: Aug 10, 2022
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Webinar: Loans and Borrowing Money – What Community Associations Need to Know

WEDNESDAY, AUGUST 10, 2022 AT 10 AM-11AM

There is a lot of confusion when it comes to obtaining a loan as a community association. This webinar is intended to clear the confusion and provide you with the necessary tools to obtain a loan.
You will learn:
• What is and is not collateral for a community association loan
• What type of loan documents to avoid
• The borrowing process from beginning to end
• When to get your attorney involved
This program is not eligible for CEU credit or certificate of completion.
________________________________________
This is going to be presented on Zoom! Full live viewing instructions will be sent to all registrants.
________________________________________

REGISTER NOW:

 

Florida Senate Bill 2-D and 4-D: What You Need to Know! by Cohen Law Group

Florida Senate Bill 2-D and 4-D: What You Need to Know! by Cohen Law Group

  • Posted: Jun 08, 2022
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The age of a CommunityAssociation opting not to fund reserves is coming to an end

The age of a CommunityAssociation opting not to fund reserves is coming to an end

  • Posted: May 30, 2022
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The age of a CommunityAssociation opting not to fund reserves is coming to an end, and some homeowners could be facing a steep rise in assessments. Becker Shareholder Howard Perl surveys the landscape and offers a few suggestions of how to prepare.

After the Surfside tragedy, everyone wanted to know how such a tragedy could happen and what steps could be taken to avoid similar incidents in the future. What caused the collapse? Could it have been avoided? Why were repairs not made? Why did local governments allow repairs to drag on? Why were repairs not made in a timely fashion? Unfortunately, none of these questions can be answered quickly, and proper answers will require years of study and analysis.

The above questions, and attempts to enact legislative reform to address some of these questions, were a hot topic for the Florida legislature this year. Several counties and the Florida Bar convened task forces in the aftermath of the Surfside tragedy. Primary among the suggested legislative changes for multifamily buildings were periodic engineering inspections, reserve studies, and reserve funding mandates. While all agreed generally in regard to these reforms, at the end of the day, the Senate and House could not agree on the reserve funding issue and, as a result, nothing passed. Currently Florida law can allow for owners to opt to fund less than required reserves, or no reserves. Most legislative proposals included mandatory reserve funding of one type or another. The sticking point was how quickly to implement such mandatory reserves, without the option of owners being able to waive such requirements. Whether to implement immediately, effective in 2022, or over the next three or five years, to allow a gradual implementation, is ultimately what led to nothing being passed. Rather than compromise, which seems to be a forgotten word in Tallahassee these days, legislators could not, or refused, to come to an agreement for the benefit of all condominium and cooperative residents in Florida.

These issues are certain to be re-examined next year. As such, your association should begin recognizing what is most likely coming down the pike and preparing the association and its residents now. Most likely the days are gone when owners will have an opportunity to fully waive reserves. I anticipate mandatory reserve funding of some type will be implemented. Whatever version is implemented, the result will be an increase in annual maintenance assessments. Depending on what is implemented and your association’s current reserve funding situation, some owners may be looking at a significant increase in your 2024 assessments (as the laws I am discussing would be passed in 2023, and most likely effective for the 2024 association budget).

The association should be anticipating and working on these items now. For example, some sort of reserve study requirement is most likely coming. Budget for one now. Get proposals now. Have the study done now. Once mandated by statute, demand will go up, availability will go down, and of course prices will go up. We are seeing exactly that scenario now in regard to structural engineers and 40/50-year recertifications.

In regard to reserve funding, take a good look at your reserve schedules. Get updated estimates of repair costs. Factor in inflation when projecting 10 and 20 year replacement items such as painting, roofing, etc. Any effort to increase your 2023 reserve balances will help lessen any blow of 2024 mandated reserves. Explain these issues to your residents now. Many associations are understandably involved with 40/50-year recertification requirements and other life-safety related issues. Obviously these issues need to be addressed immediately and on an expedited basis. But associations and their members should keep their eye on long-term remedial requirements as well. More oversight; more required inspections; more required repairs; and more required reserves. All of these are good things for 40–50-year-old buildings in a saltwater environment in Florida.

The outcome of the 2022 legislative session once again underscores the inherent problem when all community association ideas are placed in only one omnibus bill. Until our legislators acknowledge this problem and start using stand-alone bills for important proposals, there is always the risk that needed reforms will not pass.

Contact your legislators, tell them you welcome these types of reforms, but they need to be addressed as needed, not all under one take it or leave it omnibus bill. Work with your association leaders on the above discussed items. Don’t be surprised by increased annual assessments, special assessments, and other upcoming expenses. They are coming. Prepare now.

 

Howard Perl is a Shareholder in Becker’s Community Association practice and has been involved in all aspects of community association law, including transactional, collections, mediation, arbitration, construction defects and litigation. He is also Florida Bar Board Certified in Condominium & Planned Development Law.