Financial Reporting Requirements for Homeowner Asso
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Last updated: Friday, February 15, 2008

Reporting of financial requirements for homeowner association is identically the same as condominium law. The only difference is if the member of the homeowner association wishes to partition the level of financial reporting, only twenty (20%) of the total membership is required. If partitioning becomes successful, then a duly called members meeting would be mandatory to consider a higher level of financial reporting. A majority vote would determine the level of financial reports due for the end of the fiscal year.

See below both condominium and homeowner association requirements for annual revenue reporting:  

An association with total annual revenues of less than $100,000 shall prepare a report of cash receipts and expenditures.

An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements.

An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements.

An association with total annual revenues of $400,000 or more shall prepare audited financial statements.

Without a Members vote, Board of Directors at their discretion may elect to vote for a higher level of financial reporting for any fiscal year.

Click here for supporting documents.

720.303, (6) (c):  If 20 percent of the parcel owners petition the board for a level of financial reporting higher than that required by this section, the association shall duly notice and hold a meeting of members within 30 days of receipt of the petition for the purpose of voting on raising the level of reporting for that fiscal year. Upon approval of a majority of the total voting interests of the parcel owners, the association shall prepare or cause to be prepared, shall amend the budget or adopt a special assessment to pay for the financial report regardless of any provision to the contrary in the governing documents, and shall provide within 90 days of the meeting or the end of the fiscal year, whichever occurs later:

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