Homeowners have the right to know where their HOA fees are going: says Jack Hanson, President of Melrose Management Partnership

ORLANDO, Fla., March 26, 2014 /PRNewswire/ -- The time is fast approaching for associations to file an annual financial report or receive a penalty says Jack Hanson. Homeowner and Condominium associations have 120 days after the preceding fiscal year to prepare an annual financial report and to provide a copy to their members.  April 30, 2014 is the deadline for the reports. Each member of the association must be provided with a copy of the financial report or a written notice that the financial report is available upon request at no charge to its members. The financial report must contain the actual receipts, expenditures, and cash basis from the beginning to the end of the cash balances for the year.

Failure to provide this annual report may result in regulatory sanctions to the Association and/or Management Company by the Florida Department of Business and Professional Regulation.  A member's review of the annual report is important in gaining an understanding as to the financial condition and stability of the association.  Special attention should be given to such items as significant and/or unexplained differences between actual and budgeted expenditures, a steady decline in the amount of cash on hand, the absence of a reserve study and an increase in the assessment amount.  Contact your HOA association and/or management company if you had not received or been made available to the annual financial report.  Homeowners have the right and an obligation to know where their fees are going.

HOA Expert Jack Hanson continually monitors market economics and uses market trends to identify opportunities and avoid pitfalls. With the ever-changing economy and challenging housing market, the focus has shifted to increasing property value, not only to protect an investment but also to build and retain a comfortable and stable resident. Jack Hanson, LCAM president of Melrose Management Partnership in Orlando Florida, is a property management firm that ranks the highest over the past 17 years managing over 200,000 dwellings in 500 communities and 1250 associations statewide, from small to large high-rise buildings, master associations, condominiums, and multi-family/active adult communities.

HOA expert Jack Hanson is available helpful tip to consumers in how to help homeowners save money and protect their assets. To schedule an interview with Jack Hanson contact media publicist Susan Constantine at 407.405.3417 or email her at [email protected].

SOURCE Melrose Management Partnership