Reserves 101: Ensuring Long-Term Stability in Your Community Association

In this insightful webinar, hosted by Rafael Aquino, Co-founder and CEO of Affinity Management Services, we explore the importance of reserve funds and long-term financial planning for community associations. Although Nicole Johnson was absent due to a storm, we were joined by Marc Landis, CPA from Hafer, and Will Simons, President of the Florida office of Association Reserves.

Key topics discussed include:

The Importance of Reserves: Rafael and Marc explain the critical role reserves play in ensuring the financial stability of condo associations, especially in light of recent legislative changes in Florida.

New Legislative Requirements: Will dives into the Structural Integrity Reserve Study (SIRS) requirements, including compliance deadlines, mandatory funding for key components, and the consequences for associations that fail to meet these standards.

Challenges and Compliance: Marc highlights the challenges communities face in maintaining and funding reserves, addressing common misconceptions and compliance issues with Florida's statutes.

Financial Planning and Budget Structuring: The experts discuss best practices for structuring association budgets, the importance of maintaining working capital, and ensuring accurate reserve studies to avoid financial pitfalls.

This webinar is essential for condo board members and association managers looking to understand the impact of these legislative changes and the importance of proper reserve planning for long-term stability.



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