Every Association is required to have budget and while most people despise the word budget, Basulto Robbins & Associates is here to ensure that associations properly pass their budgets without the unnecessary burdens. By October – November, associations should traditionally be distributing to its members their proposed budgets for the next calendar year. As such, it’s a good idea to start a few months before reviewing the budgets, analyzing the needs of the association and developing a plan of what the Association wishes to accomplish in the year to come. Remember that all projects do not necessarily mean an increase of assessments to the members.
It’s Important to verify that the Association is complying with the requirements of its governing documents and properly budgeting for every item it is responsible for maintaining. Failure to do so may clause a unhappy owner to file a complaint with the Florida Department of Business & Professional Regulation or worse file suit against the Association.
Should you be interested in learning more about Association budgets and the requirements for Condominiums and HOA’s please be sure to visit our website as we are constantly hosting informative seminars to assist association members and their Board of Directors learn the proper procedures and requirements.
-Christyne Santisteban, Esq., Basulto Robbins & Associates, LLP