Condo Association Management Blog

As long as the monies are spent on Association obligations, the answer is yes. 
 
 
 
For example, if the Association can get a discount for paying insurance in a bulk sum, wouldn't it be prudent and beneficial, if the income is there, to do so? Think of the multiple cost savings - not only do you often get the discount for total payment, but you write one check, one mailing (with one postage and one envelope), only one invoice to track and keep. Some payments are good to have monthly or should be that way due to service, but others do not have to be. 
 
It appears that there is a trust issue with your board. It is best to sit with them and offer to serve on a financial committee to review the process and offer the board your input and suggestions to hopefully improve the process.

I am just impressed your HOA gets people to pay HOA fees in advance!

Homeowner associations all over the country have regulatory documents and laws that spell out obligations and authority so they are to some degree limited. Perhaps more limited than a business, but that does not guarantee wise spending. Directors are generally volunteers and so there is no guarantee of expertise in the areas of budget planning and wise spending. While I think the majority of Boards probably try to be wise in spending, just as many are probably very poor in the area of planning for the future and saving for the big repairs, so there are lots and lots of complaints about HOA Board spending. Everyone seems to think they could do better, but things look a lot different on the Board side of the table than the owner (often apathetic owner) side.

The association has no restrictions on when it can spend funds under Florida Law. Many associations could take advantage of discounts or avoid insurance premium financing if more people paid in advance.

Neda Firtouz is dishonest, self serving HOA manager. Multiple reports suggests Neda Firouz took association's insurance checks and rob HOA money with her contractor Bino. Soem sugest she even went so far as to hire her own sister to help her. Should you HIRE or AVOID such manager! - Our verdict is AVOID!