central florida times
FROM YOUR FRIENDS AT CAI
WWW.CAICF.ORG | FOURTH QUARTER 2016
Fourth Quarter 2016
contact information P.O. Box 941125 Maitland, FL 32794 www.caicf.org exdir@caicf.org 407-850-0106
board of directors Gina Holbrook, CMCA, President Lou Biron, President-Elect Erik Whynot, Esq., Vice President Brian Peck, Treasurer Kent Taylor, PCAM, Secretary Suzan Kearns, CMCA, AMS, PCAM Chris Martinez Paul Melville Diane Rullo, PhD Chuck Strode, CAM Robert L. Taylor, Esq.
a message from the president As 2017 quickly approaches we can certainly look back at 2016 as an incredibly busy and very successful year for our chapter. Under the amazing leadership of our past President, Suzan Kearns, we experienced record growth as well as fun and successful events. Under Suzan’s extraordinary leadership we increased the chapter’s membership and welcomed many new medallion members. We experienced a record number of attendees at our very successful tradeshow. Our golf tournament saw a record number of players enjoy a wonderful day on the links while we raised a record amount of funds for the community. And we ended the year setting yet another attendance record at the annual CAI Gala as guests were entertained with great food, music and a very exciting casino night. Whew what a year! The Board has several new and expanded opportunities planned for 2017 and we are excited to share these with you at our first monthly luncheon of the year scheduled for January 5th at the Dubsdread Golf Course. Our goal is to provide our members with unique opportunities to meet and mingle with our fellow CAI members; obtain a world class education; recognize and appreciate existing members and sponsors; and welcome new members to participate. Our 2017 Board is fortunate to have four members who have previously served as chapter Presidents, bringing with them their historic knowledge and experienced leadership. It is my honor to introduce your Board of Directors: Lou Biron (PresidentElect), Erik Whynot (Vice President), Brian Peck (Treasurer), Kent Taylor (Secretary), Suzan Kearns, Paul Melville, Diane Rullo, Chris Martinez, Chuck Strode, Robert Taylor and along with myself look forward to building on the momentum Suzan created and continue our commitment of education, collegiality and fun. We want and need YOU involved this year! Please reach out to any of our Board members, committee chairs or contact me directly at gina.holbrook@premiermgmtcfl.com to learn how to get the most out of CAI in 2017! Finally, our chapter is known throughout CAI as providing the best and most well attended tradeshows. This year our Tradeshow is scheduled for Friday, March 31st at the Gaylord Palms Hotel, allowing for you and your family to make it a destination weekend. We would like to thank the Tradeshow Committee for their endless hours of dedication to make this possible. Booths are going fast so don’t forget to reserve yours today! I want to thank all of you for electing me as your President. I am humbled by your trust, thrilled at the opportunity to serve, committed to ensuring 2017 provides each of you with outstanding growth and education opportunities, and pledge loyalty to each of you and to our chapter.
Gina Holbrook Gina Holbrook, CMCA 2017 President, CAI Central Florida Chapter
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central florida chapter update 2017 calendar of events More details regarding upcoming events will be posted to caicf.org under Events. Check back regularly for the most up-to-date information! CAICF Board Meetings will be held before or after each of the Monthly Meetings. •
January 5th: Luncheon at 11:30am “How to Make the Most of CAI” at Dubsdread
•
May 11th: Monthly Meeting Preparedness” for CEU
•
February 2nd: Luncheon at 11:30am - “Legal Update” at Dubsdread
•
June 1st: Monthly Meeting Enforcement” for CEU
•
February 23rd-25th: M-100 Course at Doubletree by SeaWorld (see page 20 for more information)
•
June 22nd-23rd: M-206 Course (see caionline. com for more information)
•
February 23rd: Winter Social
•
July 13th: Meet the Managers
•
February (TBD): New Member Breakfast at Panera
•
July 20th: CAMs Only - Budgeting with Bernie Mapili
•
March 2nd: Luncheon at 11:30am - “Dealing with Difficult People” with speaker Betsy Barbieux at Dubsdread
•
August 3rd: Monthly Meeting - “Pool Safety: 3 in 1” (three presenters)
•
March 31st: CA Day Tradeshow from 10:30am10pm at Gaylord Palms - “Adventures in the Association” with Education Classes (Board Certification, Legal Panel, and CAM only Litigation Prep) and After Party (see pages 8-11 for more information)
•
August 24th: Business Partner Roundtable at 5pm at Leland Management’s Office
•
September 7th: Monthly Meeting - “Community Safety”
•
October 5th: Monthly Meeting - “Legal Panel”
•
October 13th: Annual CAICF Golf Tournament
•
November 2nd: Monthly Meeting - “Best Practices in Communications (Social Media)”
•
December 7th: Annual Meeting/Winter Gala Fundraiser
•
April 27th: Special Manager CEU Breakfast “Building Envelope Panel”
•
April (TBD): Manager Career Breakfast
•
May 3rd-5th: National Convention in Las Vegas (see page 31 for more information)
-
“Disaster “Covenant
Please be sure to register for all events in advance, as we need an accurate head count for space and food purposes prior to the event. Thank you for your help!
LOOKING FOR A SERVICE PROVIDER? CAI Central Florida has a list of great service providers in most every industry a Community Association could need! The best part is, they are members! Check it out at: caicf.org/directory!
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CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
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absentee owner SUBMITTED BY PATRICK HOWELL, ESQ., BECKER & POLIAKOFF
T
What Responsibility Do Absentee Owners Have?
he economic downturn is now behind us, but it resulted in a new reality: condominium units purchased by absentee owners for investment purposes. Many times these units are rented long term to residents that assist with the caretaking of the units. However, sometimes such investor-owned units can sit vacant for long periods of time. During such long periods of vacancy, a simple water leak can have devastating results, not just for the unit, but for the common elements of the condominium and adjacent units. The Division of Condominiums has been presented with disputes over which party, an association or the absentee owner, is liable for damages that are exacerbated by long periods of vacancy. In a piece of good news for associations, the Division has sided with the condominium association in such circumstances. Specifically, the Division has held that, when an owner does not reside in the unit, it is incumbent on the owner to routinely and periodically examine and inspect the unit to ensure the absence of leaks and conditions that would otherwise lead to damage to the building and its occupants. Los Prados Condominium Association, Inc. v. Jeffrey S. Lemley, Case No. 03-6092, Arbitration Final Order (DBPR May 25, 2004). This duty can include keeping the air conditioning in the unit at such a setting so as to remove humidity from the air and prevent the proliferation of mold. Id. The Division has also hinted that such duty may also require the hiring of a local caretaker if the owner 6
CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
lives out of the country and is unable to visit the unit regularly. See Condominium Association of Lakeside Village, Inc. v. Vuokko Defer, Case No. 2004-03-7514, Summary Final Order (DBPR April 30, 2004). A failure to abide by this duty can be quite expensive for a negligent unit owner. For instance, in the Los Prados case mentioned above, the unit owner was required by the Division to reimburse the condominium association for more than $17,000 worth of mold restoration costs. Of course, this is preferable to requiring that all the innocent unit owners pay for such a cleanup job. If your association has questions about each parties’ obligations under unique fact patterns, contact your association attorney.
This article was prepared by Patrick Howell, Esq. of Becker & Poliakoff. The information contained herein should not be acted upon without professional legal advice. The opinions expressed herein are as of the date hereof, and this law firm undertakes no obligation to advise of subsequent changes in the law. He can be contacted via email at phowell@bplegal.com. Becker & Poliakoff is one of Florida’s preeminent law firms, and the firm that pioneered Condominium and Homeowners Association law in Florida. Please visit our website at www.bplegal.com for additional information. The firm can be reached at 111 N. Orange Avenue Suite 1400 Orlando, Florida 32801 - Tel: 407215-9660 / Fax: 407-999-2209.
16 Board Certified Construction Litigators Throughout Florida
Patrick C. Howell
Steven B. Lesser
Orlando
Ft. Lauderdale
Scott Kiernan Orlando
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skiernan@bplegal.com
www.bplegal.com/const | care@bplegal.com | 407.875.0955 Florida 路 New Jersey 路 New York 路 Virginia 路 Washington, DC
booth Directory 125 114
113 102
101
90
89
77
76
64
63
124 115
112 103
100
91
88
78
75
65
62
123 116
111 104
99
92
87
79
74
66
61
122 117
110 105
98
93
86
80
73
67
60
121 118
109 106
97
94
85
81
72
68
59
120 119
108 107
96
95
84
82
71
69 58
83
70 DÉCOR & PHOTO SPOT
TRADESHOW ENTRANCE
LEGEND FOUR SIDED BAR
PREMIUM BOOTH DOUBLE PREMIUM BOOTH
31
42
REGISTRATION
57 1
10
11
20
21
30
32
41
43
52
2
9
12
19
22
29
33
40
44
51
56
3
8
13
18
23
28
34
39
45
50
55
4
7
14
17
24
27
35
38
46
49
54
5
6
15
16
25
26
36
37
47
48
53
booth Pricing
2017 Medallion Discounts
REGULAR - 8x10
PREMIUM
PLATINUM
GOLD
SILVER
$800 - Members
$1,200 - 10x10 - Single
$800 Discount
$400 Discount
$200 Discount
$1,700 - Non-Members
$2,000 - 16x10 - Double
on Booth*
on Booth
on Booth
*or Foursome at 2017 Golf Tournament
Sponsorships PHOTO BOOTH
PLANT SPONSOR
$4,000
$2,000
D L SO
This sponsor provides all the plants for the entrance, bar area and photo spot. Logo on mailers/tickets. May add their own custom logos in the plant displays. (Committee approval needed.) Full page ad in tradeshow program. Logo in the quarterly newsletter. Company information in each tradeshow bag. Highlighted as a sponsor in tradeshow program. Announcements of sponsorship at monthly meetings. Receive 2 After Party Wristbands.
AFTER PARTY
BAR SPONSOR
$3,000
$1,200 - 3 O F 4 AVAILABLE
Company logo on Jumbo Tron at the After Party for all to see. All After Party wristbands will be printed with your company logo. Signage at party entrances, bar and stage areas. Receive 5 After Party Wristbands. Receive 5 Drink Tickets. Receive acknowledgement announcements from the band during the party. Receive acknowledgement announcements during the tradeshow advertising the After Party. Sponsor is also welcome to bring beverage and appetizer napkins with company logo.
Custom sign at bar. Map next to bar with “X” marks the spot to sponsor’s booth. Ability to have marketing materials at bar area. Ability to have custom company napkins or other drink novelties at bar. Ability to have giveaways or establish game starting point at sponsored bar location. Half page ad in tradeshow program. Logo in the quarterly newsletter. Company information in each tradeshow bag. Highlighted as a sponsor in tradeshow program. Announcements of sponsorship at monthly meetings. Receive 1 After Party Wristbands.
CRUSADER
CLASSROOM
$800
$800
Custom event signage at the main area/photo area. At the end of the show, these will be given to the business partners. Additional advertising space given at tradeshow entrance. Half page ad in tradeshow program. Logo in the quarterly newsletter. Company information in each tradeshow bag. Highlighted has a sponsor in tradeshow program. Announcements of sponsorship at monthly meetings. Receive 1 After Party Wristband.
Ability to leave marketing material at each seat. Greet attendees. Banner at front of room. 5 minutes to introduce your company at beginning of class. Company recognition during class breaks and at the end of class.
D L SO
10
D L SO
Logo and contact information on all photos and all photos picked up at business partner’s booth. Logo on mailers/ tickets. Additional advertising space given in waiting/ exit areas. Full page ad in tradeshow program. Logo in the quarterly newsletter. Company information in each tradeshow bag. Highlighted as a sponsor in tradeshow program. Announcements of sponsorship at monthly meetings. Receive 2 After Party Wristbands.
CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
EDUCATION CLASSES 10:30am-1:30pm: Board Certification Class 10:30am-11:30am: CAMs Only Legal Prep Class for CEU 12pm-1:30pm: Legal Panel
Sponsorship Items EXPLAINED
I N F O IN TOTE BA G Keep the advertising going by placing a company give away in the tradeshow tote bag that all attendees will receive.
Logo on mailer/ticket Logo on approximately 17,000 mailers/tickets that are distributed via mail and delivered to board members and CAMs.
ADVE RTIS I NG SPACE I N T R A D E S HOW ENTRANCE See your company signage in the hall area just outside of the entrance. Every attendee will see the signage as they register and enter the tradeshow.
H IG H L IG H TED I N DI RECTORY AS A S P O NSOR As a sponsor, the attention of nearly 1,000 attendees will be drawn to your company name every time they look in the tradeshow program. All sponsors get a bold name on the booth directory and all Medallions get italicized names.
M O N T HLY M EET IN G ANNO UN CEM ENT O F C O M PAN Y’S S PO NS O RS HIP Your company will be recognized as one of the top sponsors of the 2017 CAICF Tradeshow at each monthly CAICF Meeting until the event. Attendees of these meetings are experienced in the industry and the gateway to your success.
DRIN K T ICKET S Receive free Drink Tickets with select sponsorship. Each Drink Ticket is redeemable for one FREE drink during the tradeshow or After Party!
AD IN T RADES HO W PRO GR AM Every attendee at the tradeshow will be given a program that includes a map with booth locations and tradeshow accommodations. You will stand out from the pack with a full color advertisement (the size will be a 1/2 page or full page depending on your sponsorship level).
AFT ER PART Y WRIS T BAND S Don’t miss out on the party of the year! Select sponsorships will receive FREE Wristbands to attend the After Party from 6pm-10pm immediately following the tradeshow.
LO G O IN CAI CF Q U ARTERLY NE W SL E T TER Enjoy the added benefit of having your company logo displayed in the CAICF Quarterly Newsletter, highlighting your company as a valued sponsor of the upcoming tradeshow.
NOTE: A painting company cannot become a
Crusader Show Sponsor due to the Photo Booth Sponsor already taken by a painting company.
the virtues of pavement preservation SUBMITTED BY CHRIS EVERS, PAVEMENT TECHNOLOGY INC.
F
lorida’s roadway network serves as the circulatory system for our society and the lifeblood of our economy. However our infrastructure is in a state of disrepair. The American Society of Civil Engineers rates our Florida roadways a “C-” overall, however that doesn’t tell the whole story. Our State highway system (rated as an A, best in the nation) is bringing the average up. During the Great Recession many local agencies chose to defer infrastructure related spending. Asphalt paving in Florida dropped by over 40% from 2006 to 2012. Many HOA’s made similar decisions on their roads. This understandable choice has led to substantial deterioration in our roadway system on both public and private roads while leading to increased costs associated with rehabilitating the system in the future. The longer we wait to act, the more it costs us.
The good news is it doesn’t have to end badly for local agencies or HOA’s. Public Works Professionals are beginning to adopt new strategies which have a greater ability to move the needle even in tough economic times. What they’ve discovered is that by preserving pavements while in good condition they can lower the life cycle cost of a mile of roadway significantly. The adage is good roads cost money, bad roads cost more. What the above illustration shows is that the first 40% drop in the quality of the pavement happens over 75% of the life of the roadway. The next 40% drop occurs in only 12% of the life of the roadway. So for every $1 spent at the top of the curve it requires $4 to $10 or more at the bottom of the curve. Public perception is the opposite. Citizens complain about roads that have lower PCI’s (condition rating for pavement) and wonder why Public Works is doing something to the “perfectly good” roads. This is what influences policy and it is why we see the “Worst First” strategy employed so frequently. The real problem is “Worst First”! In reality, preventative maintenance is settled science in most other facets of life. Using some creative examples will help put preservation in perspective. For instance, every lane mile of resurfacing costs roughly the equivalent of a 2016 Corvette Stingray. At a hair over $56,000, imagine
Continued on page 14 12
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the virtues of pavement preservation continued the logic behind not changing the oil in your brand new Corvette until the paint starts to fade and peal. That’s how we treat our roads even though on Day One oxidation begins to cause damage to the asphalt unseen by the naked eye. With any asset, the life cycle cost is lowest when that asset is properly maintained. Consequently when it comes to our roadways, by spending money at the “Top of the Curve” we are able to touch more miles more frequently thereby lowering the “cost of ownership”. We do this by using a Maltene-based asphalt rejuvenator called Reclamite® which puts back the light oils that allow the binder in asphalt pavement to remain pliable and resist fatigue. For the cost of a single mile of asphalt pavement, agencies treat 8 miles of existing asphalt roadways adding approximately 5 years to the life of those roadways. It’s the equivalent of getting a
Reclamite® Application
20% discount on every ton of asphalt the agency lays! This type of “Top of the Curve” approach is encouraged by the Federal Highway Administration and has been adopted by dozens and dozens of agencies in Florida since the 1980s. What’s the take-away? HOA’s should be adopting the same “Top of the Curve” preservation tools on their pavements as cities and counties throughout Florida are. The use of processes such as Reclamite® provides HOA’s a low cost treatment alternative with an excellent return on investment (ROI shown to be nearly 300%). Reclamite® works by rejuvenating the asphalt binder and sealing the existing roadway from water intrusion while not obliterating existing pavement markings. Utilizing a performance based specification; agencies in Florida have successfully placed thousands of miles of Reclamite® since 1985. When is the proper time to apply Reclamite® Asphalt Rejuvenator? The correct answer is while the pavement is in good condition, typically 1 to 5 years after paving. By treating roads before distresses like cracking and raveling occur, HOA’s can extend the life of their asphalt pavement and lower annual reserve requirements thereby saving the HOA money. We like to say, use the Right Treatment on the Right Road at the Right Time!
Reclamite® absorbs quickly.
Road is sanded shortly after.
Then swept the next day.
Chris Evers has served as a technical representative for Pavement Technology Inc. since 2011, and has been involved in the road building business since 1996. He is the Past President of the American Public Works Association Florida Chapter and an active participant on its Legislative Affairs committee. He founded and continues to moderate the annual APWA International Public Works Director Roundtable and was also instrumental in founding the Florida Pavement Preservation Council. Chris is a popular pavement preservation educator/speaker throughout Florida and resides in Vero Beach.
BECOME A MEDALLION MEMBER IN 2017! It’s that time again to purchase your Medallion Memberships! We have a lot planned for 2017, so don’t delay. Do not miss out on the opportunity to put your company’s name in front of thousands of community association decision makers. Medallion Members receive many benefits, including: ad in newsletter, discounted pricing for 2017 sponsorships for annual events, premium placement in the online service directory, and more! Place your order by filling out the registration form online and either pay online (caicf.org) with a major credit card or request an invoice. Call the Executive Director for more information at 407-850-0106. A current CAI Membership is required for Medallion Membership.
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welcome new members! BUSINESS PARTNERS American Mulch & Groundcover, LLC Mrs. Charla Harper-Hagen Anderson Hew, PLLC Ms. Jessica K. Hew ASI Landscape Management, Inc. Ms. Nicole Daniels Florida Patio Furniture, Inc. Mr. Justin May-Lawhon Florida Patio Furniture, Inc. Mr. James Stewart Landscapes USA John Benton
Davey Tree Commercial Grounds Management Ms. Bonnie C. Marshall IBERIABANK Mr. John Calpey Irrigation Technical Services, Inc. Mr. Daniel Samnick R.L. James, Inc. General Contractor Mr. Gary R. Wasser
MANAGERS Ms. Melissa Glenn Mr. Fred R. Gray Mr. Kevin R. Manuel
Orlando Prestige Painting & Restoration Mr. Pedro Ramon Rodriguez
Ms. Jamie Stevens
Whitaker Contracting Corporation Mrs. Amy Blaide
Mr. James Arterbury Community Management Professionals - Orlando
MULTI-CHAPTER BUSINESS PARTNERS Certified Foundation, Inc. Ms. Jessica Wedge
VOLUNTEER LEADER Miss Kathy Gushwa
september 1st luncheon
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CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
WANT TO JOIN CAI? Homeowners, Managers, and Business Partners can become members. If you provide products or services to community associations, CAI can give you direct access to thousands of potential customers and provide unique opportunities through networking luncheons, socials, and other great events. Visit caicf.org to learn more!
CAICF held it first Casino Night Gala fundraiser on December 1st. The elegant evening included fantastic DJ music, a photo booth, a Craps Table, a Roulette Table, Blackjack Tables, and wonderful food at Maison & Jardin. In addition to this being a fun social event, it was also our annual meeting, which meant a new board was elected for the 2017 year. We’d like to welcome our new board members: Mr. Robert Taylor and Mr. Chuck Strode. Ms. Suzan Kearns and Mr. Lou Biron were relected to remain on the board for another term. All four are past presidents of CAICF and we value their willingness to volunteer for our chapter! One of our biggest successes was the "Grab & Pull" Gift Card Tree. For a $20 donation participants grabbed an envelope from the tree for a gift donated by one of our business partners. Many thanks to those who donated and to our sponsors of the event!
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CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
Craps table vice painting
Grab & pull Tree KBS
roulette table Enviro Tree Services
DJ Sponsor Driveway Maintenance
black jack tables BB&T Becker & poliakoff Larsen & Associates ramco protective uS Lawns
Bar Sponsors Converged Services KBS Towers property Management valley National Bank
4T H QUART ER 2016 | CENT RAL F LO R I D A TI M E S
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m-100 The Essentials of Community Association Management
FEBRUARY 23RD-25TH DOUBLETREE BY SEAWORLD
SUCCESSFUL COMMUNITY MANAGEMENT STARTS WITH THE ESSENTIALS.
This comprehensive community association management course provides a practical overview for new managers and an essential review for veteran managers. Successful completion of this course is the first step in obtaining a professional designation in community association management. ADVANCE REGISTRATION IS REQUIRED
Âť Visit www.caionline.org/m100 to register for this course online. Register online four weeks ahead and receive a $25 discount. OFFICIAL 2017 SPONSORS
coming
LiftMaster UnionBank
soon
interested in getting more involved? join a caicf committee! If you are interested in getting more involved in the chapter, joining a committee is a great thing to consider. Below are the different committees that we currently have active. Please feel free to contact any of the following committee chairs: CA Day/Tradeshow Committee Amanda Whitney Leland Management awhitney@lelandmanagement.com
Gala Committee Gina Holbrook Premier Association Management gina.holbrook@premiermgmtcfl.com
Meet the Managers Committee Cathy Bowers True Property Group cbowers@truepropertygroup.com
Chuck Strode Associa cstrode@community-mgmt.com
Golf Committee Scott Pollock Sentry Management spollock@sentrymgt.com
Membership Committee Debbie Young Premier Association Management debbie.young@premiermgmtcfl.com
Communications Committee Benjamin Isip Towers Property Management, Inc. ben@towerspropertymgmt.com Education Committee Gary van der Laan Leland Management gvanderlaan@lelandmanagement.com Phil Masi Assured Partners pmasi@assuredptr.com
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CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
Rick Shreve True Property Group rshreve@truepropertygroup.com Legislative Committee Lou Biron Sihle Insurance Group lbiron@sihle.com
Social Committee Tara Munoz Your Private Adjustor tara@yourprivateadjuster.com Sunshine Foundation Committee Jennifer Agravat Asphalt Restoration Technology Systems jennifer.agravat@asphaltnews.com
reporting assessment payment data
S
Sperlonga Begins Reporting HOA Assessment Payment Data to Equifax with Consumers to Benefit
perlonga Data & Analytics, a data aggregation business for nonstandard credit data sources, begins reporting homeowner and condominium association (HOA) payment and account status data to Equifax Inc., a leading provider of information solutions and global insights.
impact to HOAs and its residents” said Dan Berman, CEO of Sperlonga. “We believe our solution will benefit associations and property owners by helping to make the HOA assessment payment equally available to consumer credit report users while rewarding those residents that make timely association payments.”*
For associations that sign up, Sperlonga will report HOA assessment payment data for each property owner within an association every month regardless of the payment frequency of the assessment. The HOA trade line will appear on consumer credit reports in relatively the same format as other credit and debt obligations that appear on consumer credit reports. Adding this segment of homeowner data to a consumer credit file could contribute toward enhancing a property owner’s credit profile and access to credit.
Sperlonga’s proprietary technology will use automation to extract assessment payment data every month from the property management company’s accounting software. Sperlonga will then create a record of the payment and account status each month, for all property owners within the HOA, and report the account data to Equifax. Footnotes: * Source: Community Association Institute, 2014 Statistical Review, www. caionline.org/PressReleases/Pages/StatisticalInformation.aspx
“The vast majority of property owners who live in an association have been paying their assessment payments on time for many years and now our service will begin to help reward them with positive monthly reporting to their credit profile with Equifax,” said Matt Martin, chairman and founder of Sperlonga. “Historically, for those residents who had made their assessment payments on time, this positive payment behavior was not reflected on their credit reports.”
Based in Irvine, California, Sperlonga is a data aggregation business for nonstandard credit data sources. Sperlonga is an affiliate of Chronos Solutions, a national real estate solution services firm. The company was founded in 2011 to provide technology solutions to homeowner associations and the residential mortgage industry in order to help stakeholders minimize
According to a 2014 study conducted by Community Association Institute, there are over 338,000 associations in the U.S. with over 27 million residents.* “Our assessment payment reporting service has created the opportunity for Sperlonga to deliver a positive 22
CE N TRAL F L O R I D A T I M ES | 4 TH Q UARTER 2 0 1 6
losses and improve association cash flows. The company has always focused on delivering innovative solutions to reduce risk and provide professional association financial management tools. Additional information is available at www.SperlongaData.com or call 844-652-4972.
where community matters
www.AssociationFirm.com
The Association Law Firm, PLLC is focused on providing quality, professional legal representation exclusively to community associations throughout Florida.
Orlando
Tampa Bay
Collections Guidance Where Community Matters
Fort Lauderdale
Enforcement Litigation associationfirm.com t: (407) 992-8812 f: (407) 903-1470 info@associationfirm.com
24/7 Access
via Clear Matters Software The Association Law Firm, PLLC 135 W. Central Blvd., Suite 1150 Orlando, Florida 32801
reserve funds BY CAI PRESS, A DIVISION OF COMMUNITY ASSOCIATION INSTITUTE
O
ne of the primary business duties of community associations is maintaining and preserving property values of home and the common property. To do this properly, associations must develop funding plans for future repair or replacement of major common area components, such as roofs, boilers, elevators, swimming pools, balconies, asphalt surfaces and decks. An association has several funding options, including periodic assessments over the life of assets, special assessments at the time of replacement, borrowing funds when needed, a combination of the above or the most common method - and in many states the only lawful alternative: setting aside funds in a special category commonly called reserved funds. Knowing just how much to put aside in reserves requires a reserve study, which is comprised of two parts: the physical status and repair/ replacement cost of the major common area components (physical analysis) and an evaluation and analysis of the association’s reserve balance, income and expenses (financial analysis). Associations must also plan for the ongoing maintenance of their physical assets, which in turn affects the reserve study. Without proper care, these assets will deteriorate more quickly and require funds from the reserves for replacement earlier than planned. If these needs are not anticipated, the reserves could become underfunded. Reserve studies can be conducted at three levels of service: a full study, an update with an onsite review or an update without a site visit. Reserve studies are vital in determining future reserve funds and should be reviewed or updated every one to five years.
the funding plans is to establish adequate reserves - that is, to avoid a deficit due to underfunding. Adequate reserve funding means more than just providing funds for roof replacements; in the long run it can contribute to the rise or fall of property values. For instance, if an association is in debt or has no reserve fund, educated homebuyers may not want to invest in the community. Owners can be reluctant to contribute to reserve funds because they think the funds are costing them extra money. However, a reserve fund is not an extra expense - it just spreads out association expenses more evenly. Reserve funds meet legal, fiduciary and professional requirements. They might be required by the governing documents, as well as state statutes, regulations, court decisions or a secondary mortgage market in which the association participates. Reserve funds reduce the likelihood of the need for special assessments or borrowing. Owners may have limited resources and be unable to afford the large special assessments necessary for major replacements. Reserve funds can help with these costs, and in turn help enhance resale values. Lenders and real estate agents are aware of the ramifications for new buyers if the replacement reserves are inadequate. Many states require associations to disclose the amounts in their reserve funds to prospective buyers.
© CAI Press, a Division of Community Associations Institute. No part of this article may be reproduced in whole or in part without written consent. Please direct inquiries to cai-info@caionline.org. For more information
Associations typically choose one of four funding plans. Each can be used successfully, and each has its pros and cons. The goal of all of 24
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about this topic, see “Reserve Funds: How & Why Community Associations Invest Assets” at www.caionline.org/shop.
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Interested in joining the CAI Central Florida Chapter? For assistance or more information, reach out to the Executive Director by calling 407-850-0106 or e-mailing at exdir@caicf.org. To join now, visit www.caionline.org for membership categories and dues. Prior to joining online you will be prompted to log in or create an account. Membership dues are non-refundable. 26
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