Financial Management Topics
30
About the Course
Florida has the highest number of community associations in the nation. Association fees and assessments must be collected and accounted for according to state laws that govern the amount of reserve funds the association must have to cover operations and deferred maintenance. The board of directors (BOD) is often comprised of individual association members who volunteer part-time and may have little experience in accounting, knowledge of Florida statutes, or ability to identify financial problems. For these reasons, community associations are often the targets of fraud, theft, and embezzlement.
Learning Objectives
- Identify protected investment and banking options for association funds.
- Define the requirements for financial reporting according to Florida State Statutes.
- Discuss policy and procedures to address delinquent payment of special assessments.
- Identify the Florida statutes that regulate association finances.
- Discuss strategies to avoid fraud and theft and ensure the security of association funds.
- Explain the consequences when board members have breached their fiduciary duty according to the Florida statutes and director standards.