FCAP Board Member Code of Ethics
As a board member in a Florida community association, I agree to uphold the “Role of the Board of Directors” as stated in the Department of Business and Professional Regulation’s Division of Florida Condominiums, Timeshares, and Mobile Homes’ Condominium Governance Form.
Board Member’s Duties to Unit Owners
- The board of directors has a fiduciary duty to the unit owners and has the responsibility to act with the highest degree of good faith and to place the interests of the unit owners above the personal interests of the directors.
- The board must abide by the condominium documents, the condominium laws and regulations and the rules of the association.
- The board manages the day to day affairs of the association.
- The board has the authority to levy assessments, and maintain, repair and replace the common elements or association property.
- The board of directors may hire a property management firm subject to its own primary responsibility for such management.
- Provide a substantive written response to an inquiry submitted to the board by certified mail. The response must be sent within 30 days, or within 60 days if the board requests a legal opinion, or within 10 days of receiving the division’s advice, if the board requests advice from the division.
- The association must make its records available for unit owner inspection within five working days after receiving a written request.
Meetings and Notices
- Except in the case of valid emergencies, Associations must provide at least 48 hours’ notice of board and committee meetings, posted conspicuously on the association property.
- Notice of the annual meeting, the budget meeting, and any meetings at which the board will vote on a special assessment or changes to rules concerning unit use must be mailed, electronically transmitted or delivered to unit owners and posted on the condominium property at least 14 continuous days in advance of the meeting.
- Written notification of any special assessment must state the specific purpose of the special assessment.
- A copy of the proposed annual budget must be mailed, electronically transmitted or delivered to each unit owner.
- The association must provide notice of any legal action by which the association may be exposed to liability in excess of insurance coverage so that unit owners may intervene and defend on their own behalf.
- Board must allow unit owners or their designated representatives to speak at board and committee meetings subject to reasonable restrictions.
- Associations must provide notification of a hearing before a committee of other unit owners before the board can levy a fine or suspension against a unit owner.
- The association must provide by mail or personal delivery, a first notice of an election no less than 60 days prior to the election.
- The association must provide a second notice of the election, along with a ballot, an inner envelope, an outer envelope and copies of any timely submitted candidate information sheets, no less than 14 days prior to the election.
- Unless the governing documents provide otherwise, the board of directors has the authority to levy assessments, including special assessments.
- The board must prepare an annual budget of the revenues and expenses and hand deliver, electronically transmit or send a copy to the unit owners at least 14 days prior to the budget meeting. The budget must include all estimated revenues and expenses and reserves for certain deferred maintenance and capital expenditures projects.
- Within 90 days after the end of the fiscal year, or annually on a date provided in the bylaws, the association must prepare a financial report for the preceding fiscal year. No later than 120 days after the end of the fiscal year or other date as provided in the bylaws, the association must mail to each unit owner at the address last furnished to the association by the unit owner, or hand deliver to each unit owner, a copy of the financial report or a notice that a copy of the financial report will be mailed or hand delivered to the unit owner, without charge, upon receipt of a written request from the unit owner. The report must be prepared as follows:
- If the association consists of 50 units or fewer, or has revenues of less than $150,000, it must prepare a financial report of actual receipts and expenditures.
- If the association consists of more than 50 units and has revenues of at least $150,000 but less than $300,000, it must prepare compiled financial statements; more than 50 units and revenues of $300,000 but less than $500,000, it must prepare reviewed financial statements; more than 50 units and revenues over $500,000, it must prepare audited financial statements. Each must be prepared in accordance with generally accepted accounting principles.