Financial Matters

Update 3/29/2019

2019 Financial Practices Guidelines: To see our 2019 Financial Practices Guidelines (Click Here).

2018 Annual Financial Statements: Our 2018 Annual Financial Statements are now complete and available. (Click Here) If anyone would like to receive a hard copy of the report, please let us know and a copy will be hand delivered or mailed to you at no charge.

Due on the 1st of each month and must be received by the 10th to avoid late fee.

Auto Pay: If you wish to set up auto pay for your monthly dues (never write a check again or take a chance of being late and paying $25 late fee) Click Here for instructions on how to set up auto pay with our bank.

The Board of Directors policy on late payments and charges 

To ensure compliance with Florida law and consistency of practice, a late fee of $25 will be charged if a maintenance fee payment is over 10 days late (10 day grace period). This charge will be automatically waived once in a 12-month rolling period as this would indicate a simple mistake rather than a real issue with timely fee payment. When a payment is 10 days late, the Association will send out a reminder late notice to the owner. If a payment is 45 days late, the Association will charge 18% interest on the unpaid balance dating back to the date payment was first due. Payments past due beyond 60 days will be subject to remedies as provided in our Association documents and Florida law.

Accounting Practices and Financial Reports

The Association creates and maintains accounting records and financial statements for our six condominium buildings on an accrual basis, using fund accounting, per good accounting practice standards in accordance with Florida law (Title XL, Chapters 718.111 & 718.112 and DBPR 61B-22.006).

Revenues and expenses are generally allocated to Buildings based on percent ownership as defined in the Association’s Declaration and By-Laws – Buildings 1, 2, 3 & 4 at 23.4% and Buildings 5 & 6 at 3.2%.

The Associations uses fund accounting which requires that funds (unrestricted operating funds & restricted reserve funds) are classified separately. Within the unrestricted operating fund, specific fund accounts designated as temporarily restricted are used to manage monies which have been assigned for a specific purpose e.g. special assessments, contingency funds and insurance claim settlements.

Disbursements from the unrestricted operating fund are generally made at the discretion of the Board in accordance with the approved annual budget. Disbursements from the restricted reserve fund (Buildings 1 thru 4) may be made for replacement or repair of items identified as a component of the reserve fund up to the amount of monies in the account at the time of the expense. The decision as to when to use reserve fund monies will be made and documented in a Board meeting with community input encouraged. See our Reserve Fund Analysis for details. (Click Here)

Community members are provided updates on financial status of the Association in our monthly Board meetings via a Treasurer’s report based on preliminary data which details revenue status (e.g. late fees, units in arears), designated fund activity (e.g. Special Assessments, Insurance settlements, Contingency funds use, status &/or closure), operating fund actuals vs budget by both expense category & building and any notable expenditures or savings for the reporting period.

Please use the Document Menu on the left and right to download any material for review. Upon clicking on any of the documents a new tab will open up on your browser and you will be asked for the case sensitive password. Once you enter the password your download will start immediately. Once complete just close that tab on your browser and you will be right back here.