Florida Legislation affecting Condominium Associati
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Last updated: Tuesday, June 16, 2009

Florida Legislation affecting Condominium Association: Another elucidation to the statutes includes accounting records. It’s always been government standards to maintain accounting records for a period of seven years, including most state governments. Also commonly known, condominium accounting shall be separate for each association. October 1, 2008, the GMFlorida State legislation added into law that any one person who knowingly or intentionally defaces, destroys, or fails to create or maintain official accounting records of a Condominium Association is personally subject to civil penalties.  Records shall include:

  • Receipts & Expenditures
  • Accounts Receivables
  • Audits, Reviews, Compilation or Cash & Expenditure Reports,
  • Bids & Proposals
  • Annual Meeting Packages are maintained for one year.
  • Rental Records
  • Question & Answer Sheets
  • All Operation Records
  • Inspection Report

For more fun facts see: Financial Reporting Requirements for Homeowner Associations. (12)  OFFICIAL RECORDS.— 11.  Accounting records for the association and separate accounting records for each condominium which the association operates. All accounting records shall be maintained for a period of not less than 7 years. Any person who knowingly or intentionally defaces or destroys accounting records required to be maintained by this chapter, or who knowingly or intentionally fails to create or maintain accounting records required to be maintained by this chapter, is personally subject to a civil penalty pursuant to s. 718.501(1)(d). The accounting records shall include, but are not limited to: a.  Accurate, itemized, and detailed records of all receipts and expenditures. b.  A current account and a monthly, bimonthly, or quarterly statement of the account for each unit designating the name of the unit owner, the due date and amount of each assessment, the amount paid upon the account, and the balance due. c.  All audits, reviews, accounting statements, and financial reports of the association or condominium. d.  All contracts for work to be performed. Bids for work to be performed shall also be considered official records and shall be maintained by the association. 12.  Ballots, sign-in sheets, voting proxies, and all other papers relating to voting by unit owners, which shall be maintained for a period of 1 year from the date of the election, vote, or meeting to which the document relates, notwithstanding paragraph (b). 13.  All rental records, when the association is acting as agent for the rental of condominium units. 14.  A copy of the current question and answer sheet as described by s. 718.504. 15.  All other records of the association not specifically included in the foregoing which are related to the operation of the association. 16.  A copy of the inspection report as provided for in s. 718.301(4) (p).Accounting Records: Spider

Comments

3 comments
  1. Naples rental management
    Tuesday, June 16, 2009

    Quite bit a more work we can say but is the mindset of the management must to provide impeccable, ground- breaking, state of the art property management and related services at a level that competitors have never provided and absolutely cannot match and to always treat every aspect of business with the utmost level of character, honesty, and integrity and to treat every client’s assets like they were our own, refuse to grow complacent, continuously exceed expectations and always run our business with a fundamental goal in mind, excellence. I think more work will be fine :)

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  2. Katy
    Tuesday, June 23, 2009

    Pretty nice post. I just stumbled upon your site and wanted to say
    that I’ve really enjoyed browsing your posts. Any way
    I’ll be subscribing to your blog and I hope you post again soon!

    Leave a reply
  3. Nana Mozell
    Thursday, September 17, 2009

    In the competitive and sometime cut throat world of Auditing in Florida how do you suggest that an accounting firm becomes one of the “go to” firms for Condo Audits ? Is it neccessary to befriend a Management Company or can the accounting firm simple provide accurate and reliable work and hope that they are recommended for future projects?

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