Special Assessment

Started by MikeC14 • 3 replies • 1334 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in

MikeC14 (Florida)
Posts: 4

Posted:

Is there a requirement in Florida to keep Special Assessment money in a separate bank account?

Mike

DonnaS (Tennessee)
Posts: 5,671

Posted:

NOPE!!! Special assessments are usually done to make up for a shortfall or a special expense which means that the money is designated for an expense that needs to be paid. Seperate bank accounts are not a good idea except to keep Reserve Funds seperate from operating expenses. FDIC limits need to come into play on Reserve accounts as those are normally large amounts. (in some cases)so once they have met the Fed limit,they need to have another protected account.

RobertB20 (Florida)
Posts: 39

Posted:

In Fla any assessment must be put into a trusted florida bank account period, The trustee will make the appropiate payments. Doing it this way the monies can not be mishandled by your Board period. No Comingling

MichaelK11 (Texas)
Posts: 432

Posted:

Quote:

Posted By RobertB20 on 09/17/2009 9:32 PM
In Fla any assessment must be put into a trusted florida bank account period, The trustee will make the appropiate payments. Doing it this way the monies can not be mishandled by your Board period. No Comingling

Doesn't "any assessment" mean any money paid by a Member to the Association, including dues (regular assessments), special assessments and fines (levies, penalty assessments against a Member)?

If I understood this right, the OP was asking about a special assessment vs. the regular funds (mostly from annual dues), and you were writing about assessments in general vs. what? Personal funds? Even if the Association has revenue sources other than assessments (pool fees, investments), wouldn't these also need to be deposited into a trusted account, if that's the law in FL?

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here