We want to offer a warm congratulations to Mark Wade

photo credit: www.bizjournals.com/southflorida

for receiving the honor of being one of South Florida Business Journal's Ultimate CEO's.

The South Florida Business Journal chose the most distinguished business leaders in the county for the 2012 Ultimate CEO Award.

Mark was  featured in the South Florida Business

Journal, giving readers a glimpse of his background and leadership style.

"Surround yourself with exceptional people and get them on the bus with you," he says. "Push yourself to find the best path for your team and enable them to be as successful as possible. Don't worry about who gets credit. As each individual of your team continues to grow your company will see the benefits."

To read the entire article click here!

Sincerely,  

Q: Our condominium association recently special assessed the membership for $500,000 for a renovation project. The final cost incurred was only $400,000. What happens to the excess surplus from the special assessment?  Shouldn't it be returned to the unit owners?

A: Florida Statute §718.116(10) states that: "the funds collected pursuant to a special assessment shall be used only for the specific purpose or purposes set forth in such notice (as required by the governing documents). However, upon completion of such specific purpose or purposes, any excess funds will be considered common surplus, and may, at the discretion of the Board, either be returned to the unit owners or applied as a credit toward future assessments. Therefore, while many unit owners may believe that the Association is required to return all excess surpluses to the membership, and while it may be politically prudent to do so, the ultimate decision rests with the Board of Directors in accordance with Florida Statute.  

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