BEFORE YOU GO BAD-MOUTHING YOUR BOARD

I watched a video recently that was almost hard to believe. 

The video was about a condominium in Sunrise.  They hired their own engineer who determined that the building was unsafe.  The city then red-tagged the building potentially forcing everyone out if proper shoring was not immediately installed.

The Board also is apparently passing a special assessment to make about 4.5 million dollars in repairs.  The residents are upset because only a few years ago there was a 3.5 million dollar assessment.  The residents want transparency and claim they are being duped.  Of course, they can’t explain exactly how.

Lots of people were very concerned that these new laws will lead to massive special assessments and when this much money sits in the bank, ultimately it will be stolen by a board member or manager.

First, in terms of transparency, these owners have the right to see where and how the previous 3.5 million dollar special assessment went.  They can ask for:

Bank statements showing where the funds were deposited and over what period of time were the funds spent:

• Copies of all canceled check for that period;

• Copies of any contracts and change orders showing exactly where and on what were these funds spent on;

• Copies of any correspondence with any contractor or sub-contractor;

• Copies of any contracts that were canceled and all change orders.

These owners have the right to know PRECISELY HOW THEIR MONEY WAS SPENT.  REMEMBER --- IT’S THEIR MONEY! 

If you’re worried your money will be stolen, Florida Statute 718.111 states: the association shall maintain insurance or fidelity bonding of all persons who control or disburse funds of the association. The insurance policy or fidelity bond must cover the maximum funds that will be in the custody of the association or its management agent at any one time.

If you want peace of mind, ask for a copy of this policy.  Don’t claim you’re in the dark and there’s no transparency if you don’t ask for anything – in writing.   

The association must provide access within ten (10) working days.

Now…………if these records don’t exist, or especially when the records show financial wrongdoing on behalf of a board member or manager, it may be time to go to the proper authorities, or an attorney. 

You have options when you feel like your money is being spent on things that you simply don’t see.  Ask questions.  In addition, Florida Statute 718.112 states:

Board of administration meetings.— In a residential condominium association of more than 10 units, the board of administration shall meet at least once each quarter. At least four times each year, the meeting agenda must include an opportunity for members to ask questions of the board.

As a result of these new laws, Board members are working harder than ever for the good of the community.  It’s unfair to say they are operating in the dark and that the owners are being duped.  If you want, you volunteer to take over the repairs including but not limited to selection of a contractor, reviewing reports, meetings with engineers, reviewing prices, paying the bills, overseeing the repairs and every other responsibility of being a board member.

Honestly, I wouldn’t want to do it.