As your association manager, Flagler Coastal is responsible to see that your community has created an effective financial plan and budget to accomplish your maintenance objectives.

We implement the plan through the collection of the monthly assessments generated by your budget. We execute the plan through exercising management tasks and report to the unit owners the results of the financial operations each fiscal year.

We administer your operating fund to cover the general operating expenses for the association as well as reserve funds for the long term needs of your community. Capital expenses and deferred maintenance are typically funded through one or more reserve accounts that are earmarked for the repair or replacement of building roofs, pavement resurfacing, building painting, or, any other item for which the cost is expected to be over $10,000.00.

The investment of your associations reserve funds comes under the fiduciary responsibility of your governing board. Typically the board will invest these funds with the objective of growth while considering the safety and liquidity of the investment.

The percentage of the total approved budget for your association that will be attributed as your monthly assessment is either derived by dividing your square footage owned into the total gross square footage of the entire property, or, by dividing equally among the units; depending on the method set forth in your community documents by the developer. Unless provided otherwise in your governing documents, the calculation method for determining your monthly assessment can not be changed without the consent of all of the owners and all lien holders.

Flagler Coastal will maintain copies of required financial records for the association as required by law or until otherwise instructed by the board. We will cooperate with the designated accountant for the association in order that they may prepare any required compiled, reviewed, or audited financial statements as well as any income tax returns. We will file the annual corporate return for the association with the Department of State.

Association records will be made available for inspection in response to any bona fide request in accordance with guidelines established under Florida law.