Policy
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CCRE IV, Section 4.10 requires the Association to fund major repairs and replacements of common property unless waived by the membership.
Accordingly, it is the policy of the Association to ensure that adequate funding is available for current and planned major repair and replacement requirements. Funds from designated sources are accumulated in Major Repair and Replacement (MRR) Reserves to:
- Ensure adequate funds are available for short term needs.
- Accrue funds for repairs and replacement of longer lifetime assets.
- Reduce variability in funding requirements.
Florida Statute 720.303 stipulates requirements for the establishment and administration of budgets, including operating budgets and reserves. It is the intent of the Association to comply with all such statutory requirements and this policy reflects the understanding of the Associations’ Board of Directors (the Board) of related requirements at the time of the Policy’s approval. Should Florida statutes subsequently change, or should the Board be advised that the State is interpreting or administering Florida Statute 720 in a manner such that this Policy conflicts with regulatory requirements, the Policy will be revised to ensure compliance. |
