Condo questions: Financial report requirements

Avi S. Tryson

Beachfront luxury condominiums.

Attorneys at Goede, Adamczyk, DeBoest & Cross respond to questions about Florida community association law. The firm represents community associations throughout Florida and focuses on condominium and homeowner association law, real estate law, civil litigation, estate planning and commercial transactions. 

Q: What are the requirements for preparing financial reports for a condominium association? What type of report is required? Do we need to hire a CPA firm to prepare the financials, or can we prepare the reports ourselves?  

— G.D., Miami 

A: The annual financial report requirements for condominium associations are outlined in Section 718.111(13), Florida statutes. The statute requires that within 90 days after the end of the fiscal year, or annually on a date if provided in the bylaws, the association shall prepare and complete, or contract for the preparation and completion of, a financial report for the preceding fiscal year.  

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