Skilled Legal Guidance On HOA Budgets And Special Assessments
As an HOA board member, you and the rest of the board serve many vital roles in your community. This includes managing the finances of the HOA. This responsibility can have profound implications for your association’s well-being and longevity. Properly navigating the legal issues connected to it can be critical to the success and stability of your community.
Pincus & Currier LLP, located in West Palm Beach, is passionate about helping HOA boards find effective legal solutions when it comes to financial management. Our knowledgeable and experienced team understands the intricacies of Florida law and the unique challenges you face. We’re here to guide you through every key decision.
Ensuring Financial Health Through Strategic Budget Planning
Florida law mandates that HOAs prepare an annual budget. It is supposed to estimate expenses and revenues and report any projected surpluses or deficits. It can also establish reserve funds and make necessary adjustments to annual dues.
The annual budget is an essential tool for financial planning within an HOA. With Florida’s detailed requirements for such budgets, taking a careful, strategic approach is critical. Our attorneys are ready to do everything they can to help you ensure your budgeting practices comply with state laws and align with your board’s overall objectives.
Special Assessments: Addressing Unforeseen Expenses
When emergencies, large repairs to common areas or other unexpected expenses arise, regular dues might no longer be enough cover all costs. Your HOA may need to levy special assessments. These are additional fees for members that can be used address budget shortfalls.
Although Florida permits special assessments, they must comply with your HOA’s governing documents and relevant state statutes. Also, given their potential unpopularity among members, it is crucial to use special assessments judiciously. Our knowledgeable lawyers can answer your questions and assist with any legal issues related to these financial management tools.
When Disputes Arise Over Financial Matters
Financial issues are a common source of disputes within an HOA. If conflicts arise, whether related to budgets, special assessments or other fiscal matters, having dependable guides and advocates in your corner can be critical. Let our knowledgeable team stand up for your HOA’s best interests.
Reach Out For Experienced Legal Support Today
Put our team’s 100-plus years of combined experience on your side. We are ready to help your board navigate the complexities of HOA financial management with confidence. Contact us at 561-485-4291 or through email today to secure the dependable support your HOA needs.