Florida statutes
The financial report Florida law requires.
Total annual revenue sets the minimum level of year-end reporting. The revenue tiers are the same for homeowners' associations under section 720.303(7) and condominium associations under section 718.111(13). The deadlines and the voting rules are not, and that is where most boards get caught.
The revenue tiers
Find the minimum for your association.
The 1,000-parcel rule applies to homeowners' associations only. There is no equivalent unit-count trigger for condominium associations.
Minimum year-end report
Result: Enter the association's total annual revenue.
Section 720.303(7), Florida Statutes
The tiers are the same for homeowners' and condominium associations. Governing documents, a lender, or an insurer may require a higher level.
| Total annual revenues | Minimum year-end report |
|---|---|
| Under $150,000 | Report of cash receipts and expenditures |
| $150,000 to less than $300,000 | Compiled financial statements |
| $300,000 to less than $500,000 | Reviewed financial statements |
| $500,000 or more | Audited financial statements |
| HOA with at least 1,000 parcels | Audited financial statements, regardless of revenue |
What the table does not decide
Governing documents may require a higher level than the statute does, and so may a lender, an insurer, or a buyer's title company. An association may always choose more work than the minimum.
Moving up a level
A condominium association can prepare a higher level of report without an owner vote. A homeowners' association needs a member vote, covered below.
The deadlines
Both statutes start the same way and end differently.
Prepare and complete
Within 90 days after fiscal year end, or on a date in the bylaws, the association must complete the report or contract for it. For a December 31 year end, that is the end of March.
Deliver to members
Within 21 days after the final report is completed or received from the CPA, each member gets a copy, or a notice that a copy is available at no charge.
| Requirement | HOA, s. 720.303(7) | Condominium, s. 718.111(13) |
|---|---|---|
| Prepare and complete | 90 days after fiscal year end, or the date in the bylaws | 90 days after fiscal year end, or the date in the bylaws |
| Deliver to members | Within 21 days after the report is completed or received from the CPA | Within 21 days after the report is completed or received from the CPA |
| Outer delivery limit | Not later than 120 days after year end, or the date in the bylaws | Not later than 180 days after year end, or the date in the bylaws |
| Proof of delivery | Not specified in the statute | An affidavit executed by an officer or director |
Changing the level
Members can vote the level down or up.
The mechanics differ by chapter, and the difference matters if a board is planning a vote.
Voting down to a lesser report
| Rule | HOA | Condominium |
|---|---|---|
| Vote required | Majority of the voting interests present at a properly called meeting | Majority of all the voting interests of the association |
| Timing | Not specified in the statute | The meeting and approval must occur before the end of the fiscal year |
| Duration | One fiscal year | Only the fiscal year in which the vote is taken |
| Consecutive years | Not permitted | Not permitted |
The condominium threshold is the harder one. A majority of all voting interests is a far heavier lift than a majority of those who attend, and the vote has to happen before the fiscal year closes. A condominium board that decides in February that an audit is too expensive has already missed the window for that year.
Neither chapter allows an association to skip year-end financial reporting. The vote substitutes a lesser report. It does not remove the requirement.
Voting up to a higher report
Condominium
No owner vote is needed. The association may prepare compiled, reviewed, or audited statements in place of whatever its revenue requires, at the board's discretion.
Homeowners' association
If 20 percent of the parcel owners petition the board for a higher level of reporting, the association must notice and hold a member meeting within 30 days of receiving the petition.
On approval by a majority of the total voting interests, the association must prepare the higher-level report, amend the budget or adopt a special assessment to pay for it, and provide the report within 90 days of the meeting or the end of the fiscal year, whichever is later.
Chapters 718, 719, and 720
A condominium audit and an HOA audit are not the same engagement.
The revenue tiers are identical. Almost nothing else is.
Condominium and cooperative associations
Chapters 718 and 719
Reserves are where the work is. A residential condominium or cooperative building of three or more habitable stories must have a structural integrity reserve study, and reserve funding for the components it covers cannot be waived the way ordinary reserves can.
The financial statements interact with that study, with milestone inspection findings under section 553.899, and with any loan, line of credit, or special assessment funding structural work. Legislation in 2022, 2023, and 2025 changed these provisions repeatedly, and the association's obligations depend on which budget year is in question.
Condominium reporting also carries a reserve disclosure: a summary of reserves, including a good faith estimate of the annual amount needed to fully fund each reserve item on a straight-line basis. The estimate does not apply to reserves funded by the pooling method.
If the building is at or near the three-story line, or a milestone inspection is in progress, tell us at the proposal stage. It changes the scope.
Homeowners' associations
Chapter 720
There is no structural integrity reserve study requirement for an HOA, and Chapter 720 does not require an HOA to fund reserves at all. What it requires depends on how the association's reserves were established.
Reserves become statutory reserves under section 720.303(6) only when a majority of the total voting interests approves them and designates the components. Once established, the membership may still vote for no reserves or reduced reserves for a single budget year.
When the budget does not provide for statutory reserve accounts, the statute requires specific statements in conspicuous type in the annual financial report: that the budget does not provide for fully funded reserves and that special assessments may result, and that any deferred expenditure accounts are not subject to the statutory restrictions.
Our reporting reflects the funding approach the association has adopted and carries the disclosures the statute requires. We do not tell an HOA board that reserve funding is mandatory, because under Chapter 720 it generally is not.
Common questions
What boards ask most often.
Our revenue crossed $500,000 for the first time. Do we need an audit?
Yes, unless the members vote down to a lesser report within the rules above, or the governing documents already require something else. The tier is based on total annual revenues for the fiscal year. A first-year audit involves additional procedures on opening balances, so start earlier than you would on a renewal.
Can the members vote to skip the report entirely?
No. Both chapters allow a vote to substitute a lesser report. Neither allows the association to skip year-end financial reporting.
We voted down to a review last year. Can we do it again?
No. Neither a homeowners' association nor a condominium association may prepare a lesser report under the waiver provision for consecutive fiscal years.
Does a December 31 year end mean the report is due at the end of March?
The report must be prepared and completed, or contracted for, within 90 days of fiscal year end unless the bylaws set a different date. Check the bylaws. Some associations have a date earlier than the statutory default.
We are changing CPAs. Does that slow anything down?
It adds a step. The successor CPA communicates with the predecessor before accepting the engagement, and the prior-year statements and adjusting entries are needed. It is routine when the association starts early and awkward when it starts in February.
Who is responsible for meeting the deadline, the manager or the board?
The statutory duty sits with the association. In practice the manager coordinates and the board signs. The two most common causes of a missed deadline are an engagement letter signed late and a representation letter left unsigned.
This page provides general information for Florida community associations and is not accounting, legal, or tax advice for any particular association. Statutory references are to the 2025 Florida Statutes, sections 718.111(13), 718.112, 719.106, 720.303, and 553.899, as published by the Florida Legislature, verified on [date of re-verification before launch]. The Legislature amends Chapters 718, 719, and 720 frequently. Confirm current requirements with your CPA or association counsel before acting.
Request a proposal
Tell us about the association.
Send the association's total annual revenue, fiscal year end, and the level of report it filed last year. We will confirm the level Florida law requires and send a fixed-fee proposal.
Or call 754-354-3231
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