Gulfshore Property Mgmt

Month: June 2009

  • Official Records

    Official Records

    PirateWork Contracts and Bids

    BoatBefore the condominium Florida Statute revisions entered into law, bids and proposals were to be kept for a period of one year. Effective October 1, 2008, now bids and proposals are mandated to be kept for a period of seven years.

    The only document shelf-life requirement ensued under the old law are election and proxy voting documents, which can be discarded after one year.

    Another addition to the Statute is the association records shall be made available to a unit owner within 45 miles of the condominium property or within the county in which the condominium property is located within 5 working days after receipt of written request by the board or its designee.

    The new revisions also addresses the way we review association records. In-lieu of hard copies of official records, the association may now offer the option of making the records of the association available to a unit owner either by internet or by allowing the records to be viewed in electronic format on a computer screen and printed upon request.

    (more…)

  • Florida Legislation affecting Condominium Association

    Florida Legislation affecting Condominium Association

    Florida Legislation affecting Condominium Association: Another elucidation to the statutes includes accounting records. It’s always been government standards to maintain accounting records for a period of seven years, including most state governments. Also commonly known, condominium accounting shall be separate for each association. October 1, 2008, the GMFlorida State legislation added into law that any one person who knowingly or intentionally defaces, destroys, or fails to create or maintain official accounting records of a Condominium Association is personally subject to civil penalties.  Records shall include:

    • Receipts & Expenditures
    • Accounts Receivables
    • Audits, Reviews, Compilation or Cash & Expenditure Reports,
    • Bids & Proposals
    • Annual Meeting Packages are maintained for one year.
    • Rental Records
    • Question & Answer Sheets
    • All Operation Records
    • Inspection Report

    For more fun facts see: Financial Reporting Requirements for Homeowner Associations. (more…)

  • House Bill 995 Florida Laws

    House Bill 995 Florida Laws

    New SymbolNewt & RushFiduciary Duty

    718.111 (a) of the Florida Statutes avow that directors, officers and managers automatically have fiduciary duties and responsibilities directly or indirectly owed to its owner/s of shared association. Effective October 1, 2008, a new legislative ruling signifies fiduciary duties to be the same as any other non-profit corporation.

    One reason for this clarification is the problematic of unfair practices such as kick-backs. Directors, officers and property managers are subject to civil penalties for illegal practices by accepting any thing or service of value for which consideration has not been provided for his/her own benefit or that of his/her immediate family.

    The association may however, receive services or items in connection with trade-fair shows or education programs. (more…)

  • Changes Affecting Condominium Associations

    Changes Affecting Condominium Associations

    Director Abstaining from Voting:

    In an attempt to avoid a conflict of interest, Directors & Officers would vote, “abstain, neither, nor, refrain, desist and even present”. Although they may have been savvy, the vote used would officially count as an opposed vote. Likewise, if Directors & Officers vote neither, nor or abstain etc… the vote was presumed to have assented to the action.

    Effective October 1, 2008; if Directors & Officers vote to abstain on any corporate action taken, he/she would be presumed to have taken no position with regard to the action. Consequently, Directors & Officers may now vote to abstain without the minutes reflecting an opposition. (more…)