Florida's revenue tiers for cash reports, compilations, reviews and audits under Chapters 718 and 720, budget and reserve rules, SIRS and milestone inspections, with dates for your fiscal year.
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Florida sets the level by total annual revenue: under $150,000 a cash report, $150,000 to under $300,000 compiled, $300,000 to under $500,000 reviewed, and $500,000 or more audited. Owners can vote to use a lower level, but not for two years in a row.
Your governing documents can require a higher level than the statute.
Adopt the budget before the fiscal year begins, with the notice to owners your statute and bylaws require. Details →
Issue Form 1099-NEC to unincorporated vendors (landscapers, handymen, attorneys of any entity type) paid $600 or more during the calendar year. Details →
Prepare, or contract with a CPA to prepare, the report within 90 days after year-end (or the date in your bylaws). Details →
Most HOAs and condo associations file Form 1120-H, which taxes only non-exempt income (interest, rentals to non-owners, laundry or cell tower income) at a flat 30%, if at least 60% of gross income is member assessments and 90% of spending is for association property. Details →
Within 21 days after the report is completed or received, and no later than 120 days after year-end, give each member a copy or written notice that a copy is available free on request. Details →
Florida sets the required financial report by revenue and gives tight deadlines to prepare and deliver it.
Prepare, or contract with a CPA to prepare, the report within 90 days after year-end (or the date in your bylaws). Engage your CPA well before year-end so the deadline is realistic.
Within 21 days after the report is completed or received, and no later than 180 days after year-end, deliver a copy to each owner or notice that a copy is available within 5 business days of a written request.
Within 21 days after the report is completed or received, and no later than 120 days after year-end, give each member a copy or written notice that a copy is available free on request.
Owners can vote for a higher level at any time. A lower level needs an owner vote (for condos, a majority of all voting interests before year-end; for HOAs, a majority of those present at a meeting), and can't be used two fiscal years in a row.
Florida requires an annual budget delivered to owners, and condominiums face strict reserve rules after the 2022–2025 reforms.
Adopt the budget before the fiscal year begins, with the notice to owners your statute and bylaws require. It must show estimated revenue and expenses, and reserves for capital expenditures and deferred maintenance where required.
HOA reserves are optional unless the members have voted to establish them. Once established, they're funded by formula and can be waived or reduced only by a member vote, one year at a time. If the association is responsible for capital repairs without full reserves, the financial report must say so.
Every year-end step and document your CPA will ask for, plus Florida's reporting and reserve rules, on two printable pages.
Associations are taxable corporations unless they qualify for an election or exemption. Most file a federal return every year even when little or no tax is due.
Most HOAs and condo associations file Form 1120-H, which taxes only non-exempt income (interest, rentals to non-owners, laundry or cell tower income) at a flat 30%, if at least 60% of gross income is member assessments and 90% of spending is for association property. The alternative is Form 1120 with a Rev. Rul. 70-604 election, which can be cheaper when there is a surplus to roll over. It is due the 15th day of the 4th month after year-end, with a 6-month extension available.
Florida associations that file federal Form 1120-H usually have little or no Florida corporate income tax, but whether an F-1120 is required depends on how the association files federally. Confirm with your CPA.
Issue Form 1099-NEC to unincorporated vendors (landscapers, handymen, attorneys of any entity type) paid $600 or more during the calendar year. Collect W-9s when you hire vendors, not in January.
Buildings three stories or taller have inspection and study requirements that drive reserves.
Condos and co-ops with buildings three or more habitable stories need a SIRS at least every 10 years, performed by a licensed engineer or architect or a qualified reserve specialist, covering structure, roof, fireproofing, plumbing, electrical, waterproofing and windows.
Buildings three or more habitable stories need a milestone inspection once they reach 30 years old, then every 10 years. Local building officials can require it earlier.
HOAs with 100 or more parcels must post official records, including budgets and financial reports, on a website or app. Keep the posted statements current.
These are the items your CPA will ask for first. Having them ready shortens the engagement and lowers the fee.
Bank and investment reconciliations for every operating and reserve account at year-end, with statements. Reserve funds should be held separately and match the reserve balance on the books.
An owner-by-owner aging of delinquent assessments, liens and collection status, plus assessments owners paid in advance (a liability, not income).
Major vendor contracts (management, landscaping, insurance), unpaid invoices at year-end, and support for any large repair or capital project.
The current reserve study. GAAP statements for associations include supplementary information on future major repairs and replacements, which comes from it.
Minutes approving the budget, special assessments, reserve transfers and major contracts, plus the governing documents' rules on financial reporting.
Under $150,000 revenue: cash report. $150,000 to under $300,000: compiled. $300,000 to under $500,000: reviewed. $500,000 or more, or 1,000+ parcels: audited.
They can vote for a lower level, but not for two consecutive fiscal years.
No later than 180 days after year-end (120 days for HOAs).
Download the HOA Year-End Financial Checklist (PDF).
Greywood CPA works with association boards and managers across Florida, with fixed, transparent pricing and statements delivered on time for your owners.
See our Florida servicesThis guide is general information as of October 2026 and is not legal or tax advice. Statutes change and your declaration, bylaws or offering plan may require more than state law. Confirm your obligations with your association attorney and CPA.