PROPERTY MANAGEMENT BLOG

Saturday, September 1, 2018

Elements Of A Budget
So, budget season is approaching, and you’re new on the board. Are there any requirements around the budget? Yes, of course there are. Florida Statutes define what must be in the budget, and most people are aware of the listing of income and expenses that is in the usual budget. The Florida Administrative Code also defines how the c...

Wednesday, August 15, 2018

Anatomy Of A Budget
Wondering why your budget is going up this year? Was there a lot of drama at last year’s budget meeting? Here’s a simple primer on an Association budget.Reserves. Condominiums and Co-operatives are required to include in the budget funds for the repair or replacement of all capital items, loosely defined as items costing over ...

Wednesday, August 1, 2018

Budget Building Blocks
Are you new on the board, and faced with building the 2019 budget? Are you a unit owner, and just want to understand your fees?  Keep reading!So, what’s in a budget? Well, the Florida statutes tell us what has to be, as well as the Association’s governing documents.For condos, Ch 718 says:718.112(2)(f) Annual budget.&md...

Monday, July 30, 2018

Is Online Voting For Us?
Since 2015, Association’s have been able to enter the digital age and offer online voting for unit owners. Any board member who has struggled to get a quorum at an important meeting, or enough proxy votes to pass an amendment, should be jumping for joy over this option.Online voting can be used for any of the following types of vote...

Thursday, January 11, 2018

Election time – who do you choose?
With elections coming up, now is a good time to review exactly what you are voting for in that election. The Board of Directors controls your association – they set the budget, adopt rules and regulations, and essentially make all the decisions regarding repair and maintenance of the property. Just like with the federal governmen...

Wednesday, September 27, 2017

Welcome to our new responsive website!
Welcome to the new Orchid Management Solutions Website! Our new website is fully responsive and uses the latest technology, allowing you to have a better browsing experience on any device no matter if it is a desktop, tablet or cellphone! Why is this a big deal? Well, it allows you to have access to our site anywhere, at any time. ...

Thursday, June 22, 2017

Common Board Mistakes
Association board members are volunteers, and most have little training in the job. The vast majority have their own jobs and families, and have only limited time to apply to this very important job.They apply their own skills to the job and do the best they can. No one gets it right all the time. Here are some common errors I’v...

Tuesday, March 14, 2017

Year-end CPA process
All associations have some level of yearend financial reporting required. If you are small, under 50 units or $150,000 in revenues, you only need to produce a simple statement of cash receipts and expenditures. A little bigger? Florida statutes, and your governing documents, will determine what you are required to do. The statute 718....

Tuesday, February 28, 2017

Reconciliations – they’re not just for your checking account
Account reconciliation is an important part of the accountant’s job. In the case of an Association, that accountant generally doesn’t exist – the books are handled by the property manager. But is everything being reconciled? Everyone knows the bank accounts must be reconciled each month, but what else? All balance she...

Tuesday, January 31, 2017

A Board for All Seasons
Most boards don’t have a simple month by month list they can follow and check off when done. Instead, they must constantly balance association needs, which can change with the seasons. Fall In the autumn, boards finalize budgets and begin preparations for the upcoming annual meetings. While budget preparations begin in the late su...

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