Florida condo and HOA financial reporting: which report you need
Short answer: Florida ties the required year-end report to the association's total annual revenues: under $150,000, a report of cash receipts and expenditures; $150,000 to under $300,000, compiled statements; $300,000 to under $500,000, reviewed statements; and $500,000 or more, audited statements. The same tiers apply to condos (Fla. Stat. 718.111(13)) and HOAs (720.303(7)), and HOAs with 1,000 or more parcels must be audited regardless of revenue. The report must be completed within 90 days after fiscal year-end unless the bylaws set another date.
Key takeaways
- Four tiers based on total annual revenues: cash report, compilation, review, audit.
- Audit required at $500,000 or more in revenue, for both condos and HOAs.
- HOAs with 1,000+ parcels must have audited statements regardless of revenue.
- Condos: complete within 90 days, deliver within 21 days of completion and no later than 180 days after year-end.
- Condo waiver to a lower level needs a majority of all voting interests, before year-end, and cannot be used in consecutive years.
- The board can always choose a higher level without an owner vote.
Florida's four financial reporting tiers
Both the Florida Condominium Act and the Homeowners' Association Act set the minimum year-end report by revenue:
| Total annual revenues | Required report | Prepared by |
|---|---|---|
| Less than $150,000 | Report of cash receipts and expenditures | Association, manager or accountant |
| $150,000 to less than $300,000 | Compiled financial statements | CPA |
| $300,000 to less than $500,000 | Reviewed financial statements | Independent CPA |
| $500,000 or more | Audited financial statements | Independent CPA |
Compiled, reviewed and audited statements are prepared on the accrual basis under GAAP. For condos, the Division's rule (Fla. Admin. Code 61B-22.006) sets minimum components and disclosures, including detailed reserve disclosures.
What counts as "total annual revenues"?
Total annual revenues generally include everything the association brings in: regular assessments, special assessments, reserve contributions, interest, late fees, rental and amenity income, and other income. Boards sometimes look only at the operating budget and forget reserve funding or a special assessment. A one-time special assessment can push an association into a higher tier for that year.
The 1,000-parcel rule for HOAs
Under 720.303(7), a homeowners' association with at least 1,000 parcels must prepare audited financial statements, regardless of its total annual revenues. Large master associations with modest assessments are the most likely to be caught by this rule.
Deadlines: when the report is due
Condominium associations
- Complete the report within 90 days after fiscal year-end, or on the date in the bylaws.
- Deliver it (or a notice that it's available) to each owner within 21 days after it is completed or received from the CPA, and no later than 180 days after year-end.
- Delivery may go by mail, personal delivery, or the email or fax number each owner provided for notices. A requested copy must go out free within 5 business days.
- Condos with 25 or more units must also post the report on the association's website or app.
Homeowners' associations
HOAs must also prepare the report within 90 days after year-end (or the bylaw date) and provide it to members within the timeframe in 720.303(7). Check the current statute text for your fiscal year, since the HOA and condo delivery rules have been amended separately.
Plan backward from day 90. For a December 31 year-end, the report is due March 31. CPAs serving Florida associations are busiest in the first quarter, so engage yours before year-end.
Can owners vote to waive the audit?
Yes, owners can vote for a lower level of report, but the rules are stricter than many boards remember.
Condominiums (current rules)
- The waiver needs a majority vote of all the voting interests of the association, not just those present at a meeting.
- The vote must occur before the end of the fiscal year and applies only to that year.
- An association cannot waive in consecutive fiscal years.
- The minutes must record the votes cast and the type of report the association will prepare.
Earlier versions of the statute allowed a majority of the voting interests present and let one vote cover the next year too. If your board is working from an old checklist, update it.
HOAs
HOA members can also vote to prepare a lower-level report under 720.303(7), but the voting requirements and limits differ from condos. Confirm the current requirements with your association attorney before scheduling the vote.
Can the board choose a higher level?
Yes. The board can choose a compilation, review or audit above the statutory minimum without an owner vote. Many boards do this voluntarily before a large special assessment, a loan application or a management company change. Members holding 20% of voting interests can also petition for a higher level of reporting.
Did Florida lower the HOA audit threshold to $250,000?
Some articles online claim that Florida cut the HOA audit threshold to $250,000 in 2026. As of the 2026 Florida Statutes, 720.303(7) still sets the audit threshold at $500,000 in total annual revenues, plus the 1,000-parcel rule. Always check the statute itself, or ask your CPA, before changing your engagement level.
What must the financial report include?
- Revenues received by accounts and classifications, and expenses by accounts and classifications (for example, management, insurance, maintenance and repairs, utilities, administration and reserves).
- Reserve information: beginning and ending balances, contributions, interest, expenditures and transfers for each reserve account, and how the reserve estimates were made.
- The purpose, amount and use of any special assessments.
- For condos, a good-faith estimate of the annual amount needed to fully fund reserves (straight-line method), where applicable.
Reserves are the area auditors focus on most. See HOA reserves: what your auditor actually looks at.
Who can prepare each report?
A cash receipts and expenditures report can be prepared by the association or its manager. Compilations, reviews and audits are prepared by CPAs, and reviews and audits require an independent CPA firm that is permitted to practice in Florida. Ask any firm you're considering to confirm its Florida licensing or practice-privilege status.
For a printable summary, see our Florida HOA and condo reporting guide.
Frequently asked questions
Does every Florida condo association need an audit?
No. Only condos with total annual revenues of $500,000 or more must have audited financial statements. Lower revenue tiers require reviewed or compiled statements, or a report of cash receipts and expenditures.
What is the Florida HOA audit threshold?
Under Fla. Stat. 720.303(7), HOAs with total annual revenues of $500,000 or more, or with at least 1,000 parcels, must prepare audited financial statements.
When is a Florida condo financial report due?
It must be completed within 90 days after fiscal year-end (or the bylaw date) and delivered to owners within 21 days of completion, no later than 180 days after year-end.
Can a Florida condo waive its audit every year?
No. A condo waiver requires a majority of all voting interests, must happen before fiscal year-end, applies only to that year, and cannot be used for consecutive fiscal years.
Can the board order an audit without an owner vote?
Yes. The board can choose a higher level of financial reporting than the statute requires without an owner vote.
GreyWood CPA PLLC is a licensed CPA firm headquartered in Richmond, Virginia (Virginia Board of Accountancy firm license #134961), serving nonprofits, community associations and businesses nationwide. This article is general information as of October 28, 2026, not legal or tax advice for a specific organization. Rules change, so confirm current requirements before acting.