FS 468 Requires Licensed CAM
As the economy in Florida experienced a downturn, collections of delinquent assessments rose and association revenues fell, we saw a trend where some community associations who wanted to save money began to employ ordinary business bookkeeping services who, by definition by the state of Florida, would be considered as an “unlicensed” bookkeeper.
What do we mean by an unlicensed bookkeeper? Florida Statute, 468.431(2) defines “Community association management” as any of the following practices requiring substantial specialized knowledge, judgment, and managerial skill when done for remuneration and when the association or associations served contain more than 10 units or have an annual budget or budgets in excess of $100,000; controlling or disbursing funds of a community association, preparing budgets or other financial documents for a community association, assisting in the noticing or conduct of community association meetings, and coordinating maintenance for the residential development and other day-to-day services involved with the operation of a community association. A person who performs clerical or ministerial functions under the direct supervision and control of a licensed manager or who is charged only with performing the maintenance of a community association and who does not assist in any of the management services described in this subsection.
Whether the community association employs an individual or a company, either one would be required to be licensed as a Community Association Manager (CAM) according to the law. Is your bookkeeper licensed as a CAM? Discuss this and be guided with the help of the association’s attorney before you make a change in this regard.
Comments on this entry are closed.