- Per Florida Statue 720, the primary responsibility of an HOA Board is fiduciary responsibility to the members of the association.
- Additionally, 720 states the financial and accounting records of the association, kept according to good accounting practices. All financial and accounting records must be maintained for a period of at least 7 years. The financial and accounting records must include:
- Accurate, itemized, and detailed records of all receipts and expenditures.
- A current copy of all contracts to which the association is a party, including, without limitation, any management agreement, lease, or other contract under which the association has any obligation or responsibility. Bids received by the association for work to be performed must also be considered official records and must be kept for a period of 1 year.
As part of the Board’s fiduciary responsibility, the Board agreed to establish a uniform process for all SIA expenditures as follows:
- Written proposals for all SIA estimates, invoices and payments, making for easier accounting and easier transparency and accountability.
- In addition, major contracts with SIA require 3 written proposals and a copy of the contractor’s insurance certificate.
- Per SIA bylaws, all SIA estimates, expenditures, contracts and payments require authorization and approval by the Board:
BY LAWS
SUMMERPLACE IMPROVEMENT ASSOCIATION, INC.
As revised November,1982
ARTICLE IV SECTION 5. The Board of Directors shall have control and jurisdiction of all physical properties and facilities of the Association, and shall have jurisdiction over the manner in which those properties and facilities shall be used or operated. The Board of Directors shall provide for reasonable maintenance and operation of the Association’s properties.
The Board of Directors shall control the purchase and sale of all supplies and all articles used by the Association, and all persons employed by the Association; and shall make or authorize the making of all contracts necessary or incidental for any of the purposes deemed by the Board to be necessary or expedient for the accomplishment of any of the purposes.