New Requirements for Condo Associations’ Financial Reporting in Florida

1. The Florida legislature changed the thresholds for a condominium association’s financial reporting requirements in 2013.
2. The threshold for required formal review of financial statements was raised to annual revenues of at least $300,000 but less than $500,000.
3. The threshold for required audited financial statements was raised to annual revenues of at least $500,000. 1. Condominium associations in Florida with annual revenues of less than $150,000 are now required to prepare a report of cash receipts and expenditures.
2. Associations with 50 or fewer units must also only create a report of cash receipts and expenditures, rather than full financial statements.
3. Some associations will see a reduction in their reporting requirements due to the increased revenue thresholds, while others will have increased reporting requirements because of the decreased threshold for the number of units governed.
4. Associations should consider reviewing and revising their governing documents to ensure compliance with the recent changes to the Florida Statutes.

https://www.jimersonfirm.com/blog/2013/10/changes-to-the-florida-statutes-concerning-financial-reporting-for-condominium-associations/