Focus on Key Issues
This page summarizes the critical concerns affecting all 264 owners at The Courtyards in CityPlace.
Board Governance Issues
Financial Issues
Surging Unfunded Reserves. The Association failed to fully fund reserves in 2025. By December 2025, statements showed $119,310 owed from operating to reserve accounts—a violation of Florida statute that grew to $210,972 by April 2026. This practice of using reserves for operating costs also forfeits significant interest earnings.
Rising Uncollected Assessments. Uncollected assessments increased dramatically from $20,829 in 2022 to $116,145 by late 2025. This includes $20,920 written off due to the Board's failure to oversee the property manager's collection duties when units were sold, negatively impacting our community's cash flow.
Taking On Debt to Pay Insurance Premiums. Inefficient cash management forced the Association to finance a $500,000 insurance premium at nearly 7% interest, creating an avoidable financial drain on every condo owner.
NEGATIVE Operating CASH BALANCE. Operating funds dropped from a positive $359,129 in 2022 to a negative ($35,130) as of December 2025. This trajectory indicates significant cash shortcomings and fiscal mismanagement by the Board and property manager.
Insufficient Master Insurance Coverage. The Board and property manager have failed to maintain proper insurance coverage and as a result lenders have been unwilling to lend to unit buyers.
Forfeited Interest Income. Failing to move $2.3 million in reserves to higher-yielding accounts cost us over $100,000.
Mortgage Eligibility Stripped From All Units. All units are now ineligible for conventional loans due to ill-considered property manager completion of bank forms, forcing buyers toward expensive financing and threatening property values.
Lack of Board Engagement, Oversight and Communication. The Board has not held mandatory quarterly meetings to discuss these crises with owners.