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TRANSPARENCY & ACCOUNTABILITY
By
Rafael Aquino
Published April 10, 2024
The adoption of House Bill 1203
represents a transformative moment for homeowners' associations (HOAs)
in Florida, stressing the critical need for transparency in managing
financial obligations and reinforcing the rights of homeowners. This
legislation mandates that HOAs provide detailed accountings of owner
ledgers upon request, spotlighting the importance of lucid
communication and uniform collection methodologies.
The Pillars of Clarity and Equity:
Transparency: This
legislation requires HOAs to supply homeowners with a detailed
breakdown of dues, fostering a deeper understanding and encouraging
timely compliance.
Consistency: HOAS
must implement consistent practices in notifying homeowners of their
financial obligations, ensuring equitable treatment across the
board, and mitigating potential disputes.
Our experiences with new
association clients have observed that unclear or inconsistent
financial reporting can lead to significant issues, including unpaid
balances that homeowners were previously unaware of. Addressing
these challenges head-on requires a consistent collection process
and a commitment to maintaining high financial standards.
Establishing these practices can significantly reduce the amount of
money owed by homeowners and streamline the resolution process for
outstanding balances.
In light of House Bill 1203, our
approach at Affinity underscores the significance of meticulous
financial management. Beyond the peer review of financial statements
for accuracy—under the guidance of a Director of Association
Accounting who is a CPA—our overarching aim is to produce financial
documents that are transparent and clear and adhere to the utmost
standards of compliance.
If you haven't recently reviewed
your association's AR report, now is the time to do so. This crucial
step can provide a comprehensive overview of your association's
financial standing and highlight any areas requiring attention. An
updated, accurate AR report is not just a tool for financial
oversight; it's your first line of defense should any owner dispute
arise regarding owed amounts. Ensuring that your financial records
are in order, especially in light of the new requirements set forth
by House Bill 1203, is more than just a best practice—it's
necessary.
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As the Co-Founder and CEO
of Affinity Management Services, Rafael P. Aquino leads his team to
redefine excellence. They serve community associations
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and effectively with
dedication and passion. Rafael’s energy and positive
spirit is the foundation of Affinity Management
Services’ company culture, which instills enthusiasm and
excitement when providing expert advice to its board
members and relieving the day-to-day burdens of running
a community association.
Since 2007, Rafael has
developed a work culture that values responsive and
high-quality services. He has led his team by following
a proactive vs reactive philosophy. The same approach
Rafael instills in the day to day operations of each
association. Today, Affinity Management Services
maintains its success and benefits as a result of the
foundation Rafael has built and continues to foster by
providing educational seminars, continuing education
classes for association managers and board members
alike.
Rafael and his team help condominium and homeowners’
associations save money and improve their communities.
His calm, personable, and service-oriented nature helps
him to establish strong relationships with ease. Rafael
is known as a sincere and honest leader who looks out
for the best interests of his clients and communities,
and he strongly advocates for their needs. His role
requires coordination and communication, as such he
takes logical and intelligent steps to approach
challenges head-on.
As a graduate of Florida International University’s
electrical engineering program and a licensed community
association manager, Rafael’s education and skills equip
him with unique insights to tackle complex problems
through critical thinking. He understands how each
component within a system works together in order to
effectively arrive at solutions, techniques, and
conclusions. Therefore, as he manages the multiple
challenges of running a community association management
company, he understands how each property is its own
unique system and tailors’ specific services to assure
that all their needs are met.
For more information about Rafael P. Aquino and Affinity
Management Services please visit
www.ManagedByAffinity.com or call 1-800-977-6279
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Doral Office: 8200 NW 41st ST
Suite 200
Doral, FL 33166
Broward Office: 150 S Pine Island RD Suite 300
Plantation, FL 33324
O: 800-977-6279 ● F: 305-325-4053
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