Did You Know??

If everyone in the U.S. viewed and paid their bills online, we would save 16.5 million trees in just one year!Do you know your paper footprint? Calculate how many trees you could save by switching to paper-free communications for all your bills: Paper Footprint - Click Here

Citizens' Property Insurance Corp. announces it will increase premiums by about 20% for properties with a replacement value over $10 million

Citizens' Property Insurance is the state not-for-profit insurance company in Florida. Citizens insures over 23,000 Community Associations in Florida and recently issued a Bulletin notifying of its intent to increase premiums for policies of properties valued in excess of $10 million. The increase may be by up to 20%.

Insurance premiums are almost always the largest line item in a community associations budget. Communities in Florida already dealing with large delinquencies, large expenses, increased govrernment fee's (fire, elevator, etc.), and bad debt need to take this into account when preparing their budget for 2010
 
If you are unsure if your community falls within this increase, please contact us.

New Report Details Mortgage Foreclosure Frusturations For Community Associations

In August 2009, the newly appointed Residential Mortgage Foreclosure Task Force, created by the Florida Supreme Court released it's final report on Mortgage Foreclosure Cases. The Task Force is Chaired by Judge Jennifer Bailey. Having listened to Judge Bailey speak recently on the issue of Mortgage Foreclosures and their effect on Community Associations, as well as having met with her briefly, I can say that Judge Bailey is very informed and aware of the burden the current Mortgage Foreclosure Crisis is having specifically on Community Associations (Condo's and HOA's).

You can find the complete report at

http://www.floridasupremecourt.org/pub_info/documents/Filed_08-17-2009_Foreclosure_Final_Report.pdf

Judge Bailey uses an excellent example to describe the situation we are facing today.

Picture this: the biggest road out of town. Now imagine it is rush hour. In
a thunderstorm. Add that it also a hurricane evacuation. A lane is closed due to
construction delayed by budget impacts. Imagine the traffic jam.

The clearest description of the impact of the foreclosure crisis and the
following recession on Florida's courts can be summarized by that picture.
Imagine every car a case. The General Jurisdiction Courts of our State have a
certain amount of judicial infrastructure, just like there is a certain amount
of room on the road. There is a certain capacity of judges, of court staff, of
clerks, of filing space, of hearing time, or courtrooms, even of hours in the
day. Year in, year out, that capacity flexes with the caseload traffic to afford
reasonable, prompt, efficient and fair justice.

The enormous increase in foreclosure filings has overwhelmed those
resources in many circuits and represents a traffic jam that the infrastructure
cannot meet in a timely and efficient manner without support and traffic
management.

Our client Board Members come to us often wondering why the long delay in many Mortgage Foreclosures. Although, we have been able to develop valuable tools to move rather rapidly with most collection cases, even Mortgage Foreclosures, sometimes the Association may have no choice but to monitor the Mortgage Foreclosure. This report provides details as to why those delays are occurring (for example, the rescheduling of final judgements) and even provides options that can be used to speed up the process and recommendations that will eventually, if approved, benefit Community Associations.

Contact us with any questions about this report, or about Community Association collections. We can help!

Adopt A Road

We have partnered with the Miami Dade County Adopt A Road Program. We continue to be committed to our local community, and believe in participating to improve it.

Check out our Press Release:
Miami Community Association Management Firm Participates in County Adopt a Road Program

Do you have a good Condo Association Insurance Agent?

Are you comfortable with your condo association insurance agent? This is one topic that is frequently over looked by many Board of Directors. Did you know that you can keep the same condo association insurance company but change agents? This can be done pretty easily without lapse in condo association insurance coverage or without payment interruption.

If you believe you condo association insurance agent is not answering your questions or if you feel that he or she is not an "expert" in the industry, and would like an insurance agent that devotes all his time to Community Association Insurance, Homeowner Association (HOA) Insurance, and Condo Association Insurance then by all means make a change. Some of the money that you pay goes to the Community Association’s insurance agent in commissions and if he or she is not doing a good job or if you feel uncomfortable with them, then make a change immediately.

As a Community Association Management firm dedicated to residential condo and homeowners associations we have developed business relationships with professional insurance agents that are experts on insuring communities just like yours. Contact us and see what we recommend and how we can help you in your decision making.

Boynton Beach Condo President ARRESTED!!

Today the Sun Sentinel reported that the Boynton Beach Police Department arrested the President of a Boynton Beach Condo Association for stealing $166,646.00 from the Condo Association bank accounts.

The Board President allegedly used the money he stole for several trips to Disney World, art work, jewelry, and even cash advances. You can see the detailed article at http://www.sun-sentinel.com/news/palm-beach/boynton-beach/sfl-boynton-hoa-theft-p072109,0,954367.story

As a Management Company, we establish financial controls for all of our client communities. Our Boards receive timely financials, along with easy access to reports, invoices, and other financial documents. We recommend a dual signature policy be adopted by the Board requiring two signatures for any and all checks paid out. Our Accounting Department consist of several employees who handle the bookkeeping, reconciling, and depositing, in addition to a property manager reviewing the financial statements, having these controls as a Board and within the Management Company allow for increased security of Association funds, and definitely deter this kind of behavior. In addition to increased security of Association funds, many Directors & Officers and Crime/Bond Insurance Policies are not only requiring that these control policies be put in place, but may also request proof that the procedures are being used effectively. These type of controls protect the Association, it's Board of Directors, Unit Owners, and the Management Company and it's employees. Our office also recommends and may establish several additional financial controls on behalf of our client communities. If your Association does not use any of the above financial controls or you are unsure, contact us for more details.

Unfortunately for Associations, these kinds of instances seem to be occurring more often, and I'm glad local authorities, along with state authorities and the Attorney Generals Office are taking proper action in protecting the rights of all Association Members.

New Remote Capture Deposit System

Here is a link to a new Press Release recently submitted. We have been offering this service for several months now and it has definitly turned out to be greatly benefit to our client communities. Deposits are made instantly and the funds are made available the same day, simply put, we act as the bank teller. This really is a great tool for those cash strapped communities and it is a FREE service.

Four Points Property Management Announces New Remote Capture Deposit System