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 Florida 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:
- Audits, Reviews, Compilation or Cash & Expenditure Reports,
- Annual Meeting Packages are maintained for one year.
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:
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