Heather Walk Financial

Heather Walk Condominium Financial

The Heather Walk annual year end Financial Report is a comprehensive report of the financial activity that occurred throughout the preceding year. The annual report is intended for people interested in Heather Walks financial performance. Heather Walk is bound by the financial reporting requirements set forth in Chapter 718. 111 (13), Florida Statutes. To summarize the statute, it states in part that at the end of the calendar year on such date as provided in the Heather Walk By-Laws, the association shall make avaiable to each unit owner a copy of the financial report on receipt of a written request. You may obtain a copy from Foster Company.

How every $100 dollars of maintenance fees are put to use.

Application of regular assessment payments: Ever wonder what happens for instance when a September coupon is mistakenly submitted for an August payment? Well the State of Florida has it covered for you through Section 718.116(3), of the Florida Statues which provides: Any payment received by an association shall be applied first to any interest accrued by the association, then to any administrative late fees, then to any costs and reasonable attorneys fees incurred in collection, and then any delinquent account and finally to the current account. So for delinquent accounts, even though a current payment is accompanied with a coupon, the state statute controls the actual application of the funds to the account, rather than the date of the coupon sent in. To sum it up payments are applied this way: interest, late fees, costs and attorney fees, oldest delinquent monthly amount, and then finally the current monthly amount due.

Florida State law requires the Board of Directors to adequately fund the operating account and the reserve at a level to avoid a special assessment. It also requires stating the disclosure of at least a summary of the reserves, including information as to whether such reserves are being funded at a level sufficient to prevent the need for a special assessment and, if not, the amount of assessments necessary to bring the reserves up to the level necessary to avoid a special assessment. Proposed budgets focus on increasing deposits in the reserve allowing for the reserve to be *fully funded.
*To understand what is meant by fully funded consider this example, apply two components: roofing and painting. With seven years gone by of a 20-year life and with a current replacement cost of $1,500,000, the roof's fully funded balance is 7/20ths of $1,500,000, or $525,000. Assuming the paint is three years old and has a five year life and a current estimated cost of $150,000, the paint projects fully funded balance is 3/5ths of $150,000, or $90,000. If the associations reserve balance is $615,000 the reserve account is fully funded.

Heather Walk Condominium