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Is a Budget Committee Allowed to Meet Privately?
Q: Our condominium association adopted the 2019 budget last week and it was a total shock to everyone in the room. The board claims it was the first time they had seen the proposed budget and there were multiple increases. The board kept saying they were following the committee’s recommendation and adopted the budget. What committee is this? How can this be done in secret? A: The budget “season” is one of the most important times of the year for a condominium. Every condominium association approaches the budget differently. Some rely on management to prepare the budget. Some have a treasurer that oversees the drafting process. Some have a committee of owners prepare and recommend the budget to the board. In this last situation, which appears to mirror the operation of your condominium, a committee makes recommendations to the board. This is often referred to as the “budget committee” or
Protecting Your Florida Home: Tips for Snowbirds and Summer Travelers
Whether you are a snowbird heading north in order to avoid Florida’s brutal summer heat or a family getting ready to travel for the summer, there are ways you will want to safeguard your residence before taking off. Florida’s near-tropical summer climate makes humidity control, flood protection and mold and mildew prevention three areas of concern for every absentee homeowner – whether you are gone for the season or just a month or two. If you are a part-time Floridian or a hardcore summer traveler, here are some important home closing procedures to help you protect your property. Monitor Your Electricity and Water Bills for Unusual Variances Monitor your usage while you are away and check for any unusual changes in energy usage. For example, a variance in your electric bill could indicate an appliance or A/C malfunction. Humidity Summer in Florida means oppressive heat and very high levels of
Emergency Planning for Community Associations
Start Planning for a Disaster Now Consider this scenario: You are a board member for a Condominium Association that represents over 300 residents in a condominium complex consisting of two towers. In the early hours of a Thursday morning, you are awakened by a loud knocking at your door. You open it to find a frantic resident telling you that a building is aflame and the fire department has begun to evacuate people. You get dressed and go outside to see four units are actively burning and others significantly damaged. What are you going to do? As a board member, do you have a responsibility to take action? Do you know the plan? Disasters, natural or man-made, occur with alarming regularity. Disasters can occur without warning at any time of the day or night. There are many ways a disaster can detrimentally affect a community. Just like in the above
Is Your Community Prepared for the Next Hurricane?
Article Contribution Jayme Gelfand, PCAM Vice President, Relationship Market Manager BB&T Association Services To reach Jayme: jgelfand@bbandt.com Preparation is the key to good management. Hurricane Season beings on June 1st and now runs through November 30th , and as you are well aware, having a Hurricane Preparedness Plan in place makes the process of preparing more efficient. To help you be better prepared, our team at KW Property Management, along with the help of our friends at BB&T, have created a checklist of the items you should include. Financial Preparation Fund reserves at least partially; the absence of any cash reserves will hinder an association’s ability to make a deposit to a contractor who is available. Consider a special reserve to fund insurance deductibles and/or items not covered Consider making arrangements for a line of credit with your bank, so that you will have available cash to meet emergencies and