Remember that beginning January 1, 2026, a condominium association with 25 or more units must have a website and comply with all of the statutory website requirements. In addition to its previous official record posting requirements, an association must also post: ● The approved minutes of all board meetings over the preceding 12 months. ● The video recording or a hyperlink to the video recording for all meetings of the association, the board, any committee, and the unit owners which are conducted by video conference over the preceding 12 months. ● A copy of all affidavits required by F.S. 718. Subsection (13) , Financial reporting amendments include: As related to the delivery or availability of the condominium association’s year-end financial report to not later than 180 days (previously 120 days) after the end of the fiscal year or other date as provided in the bylaws. Further delivery of the report or a notice that the most recent financial report will be delivered “ as requested by the owner ” including electronically delivered via the Internet. Proof of delivery is now required by an affidavit executed an officer or director of the association. The statute was also amended to provide that an association may prepare a different level of financial reporting that requires, if approved by a majority vote of all the voting interests of the association. Previously this provision required a vote of a majority TVI present at a properly noticed meeting. Subsection (16) , Investment of association funds, was added to F.S. 718.111: Investment of association funds for condominiums, was added stating that for the board of directors of an association to fulfil their duty to managing operating and reserve funds, they must use best efforts to make prudent investment decisions, carefully considering the risk and return in an effort to maximize returns on invested funds. Focusing on growth, safety, and liquidity. The association (including multicondominium associations) may invest reserve funds in one or any combination of certificates of deposit or in depository accounts at a community bank, savings bank, commercial bank, savings and loan association, or credit union without a vote of the unit owners. F.S. 718.112 was amended as follows: Condominium associations meetings may be conducted in person or by video conference . A new definition for video conference has been added to F.S. 718.103 defining it as a real-time audio and video-based meeting between two or more people in different locations using video-enabled and audio-enabled devices. Any meeting that is to be conducted via video conference must include in the notice that the meeting will be via video conference and the notice must include a hyperlink and a conference telephone number for unit owners to attend the meeting via video conference. The meeting notice must also include the address of the physical location where the unit owners can attend the meeting in person. Meetings conducted via video conference must be recorded, and the recording must be maintained as an official record of the association. Meetings conducted via video conference must also be posted on the association website for associations that are required to maintain a website.
Additionally, board meetings may be conducted in person or by video conference. A board or committee member’s participation in a meeting via telephone, real time video conferencing, or similar real-time electronic or video communication counts towards a quorum, and such members may vote as if physically present. A speaker must be used so that the conversation of such members may be heard by the board or committee members attending in person as well as by any unit owners present at a meeting. Unit owner meetings , including the annual meeting of the unit owners, may be conducted in person or via video conference. If the annual meeting of the unit owners is conducted via video conference, a quorum of the members of the board of administration must be physically present at the physical location where unit owners can attend the meeting. The location must be provided in the association bylaws and, if the bylaws are silent as to the location, the meeting must be held within 15 miles of the condominium property or within the same county as the condominium property. If the unit owner meeting is conducted via video conference, the video conference must be recorded, and such recording must be maintained as an official record of the association. Related to the budget and budget meeting – A meeting of the board or unit owners at which a proposed annual association budget will be considered may be conducted by video conference. The division shall adopt rules governing the requirements for such meetings. A sound transmitting device must be used so that the conversation of such members may be heard by the board or committee members attending in person, as well as any unit owners present at the meeting. A significant change was made relating to a proposed budget which exceeds 115 percent of the preceding fiscal year. If a board proposes (previously adopted) an annual budget which exceeds 115 percent of assessments for the preceding fiscal year, the board shall simultaneously propose a substitute budget that does not include any discretionary expenditures that are not required to be in the budget. ● The substitute budget must be proposed at the budget meeting before the adoption of the annual budget. ● At least 14 days before such budget meeting in which a substitute budget will be proposed the board shall hand deliver to each unit owner, or mail to each unit owner at the address last furnished to the association, a notice of the meeting. ● Unit owners must (previously may) consider and may adopt a substitute budget at the meeting. ● A substitute budget is adopted if approved by a majority of all voting interests unless the bylaws require adoption by a greater percentage of voting interests. ● If a substitute budget is not adopted, the annual budget previously initially proposed by the board may be adopted. The determination of whether assessments exceed 115 percent shall exclude any authorized provision for required reserves for repair or replacement of the condominium property, anticipated expenses of the association which the board does not expect to be incurred on a regular or annual basis for the annual repair, maintenance, or replacement of the items listed in paragraph (g), and insurance premiums. Paragraph (g) refers to those items required to be reserved as determined by the Structural Integrity Reserve Study.
EliteLearning.com/CAM/
Book Code: CAMFL1526
Page 32
Powered by FlippingBook