Florida Condo Financial Reporting Requirements (2026)

Florida condo financial reporting requirements live in two parts of Chapter 718, one for the annual financial report and one for what the board shows owners at its meetings. If you just took the treasurer seat, you may have inherited a folder of bank statements and a management company that "handles the financials", with a board meeting coming up where owners will ask where this year's money went. The law answers both questions, and it sets real deadlines for each.

The short version fits on an index card. Your association's total annual revenue decides which kind of report you prepare, the report is due within 90 days after the fiscal year ends, and owners must get it within 21 days after it is complete. Between those annual reports, owners can ask the board about revenues and expenses at board meetings, and an association of 25 or more units posts its financial documents on its website.

This guide walks through each requirement with a link to the statute, so your board can check the text with its association attorney and CPA.

The four reporting tiers

Florida Statute 718.111(13) sets the type of annual financial report by the association's total annual revenues. The dollar lines are fixed in the statute.

Total annual revenues	Report the association prepares
Less than $150,000	Report of cash receipts and expenditures
$150,000 to less than $300,000	Compiled financial statements
$300,000 to less than $500,000	Reviewed financial statements
$500,000 or more	Audited financial statements

The cash receipts report is the simplest. It shows money received and money spent by account, with categories the statute lists, such as insurance, building maintenance and repair, management fees, utilities, and the reserves accumulated and spent during the year.

The three higher tiers are full financial statements prepared under generally accepted accounting principles. Florida's administrative rule for condo financial reporting, Rule 61B-22.006, requires that reviews and audits be performed by an independent certified public accountant licensed by the Florida Board of Accountancy.

An association can always choose a higher tier than its revenue requires, and the board can make that choice without an owner vote. Moving to a lower tier takes a majority vote of all the voting interests before the fiscal year ends, the vote covers only that year, and the association may not do it for consecutive fiscal years.

For a deeper look at the audit tier, see condo association audit requirements in Florida.

Annual report deadlines and delivery

The annual financial report has two clocks under 718.111(13).

Completion. The association prepares and completes the report, or contracts for it, within 90 days after the end of the fiscal year, or annually on a date provided in the bylaws.

Delivery to owners. Within 21 days after the final report is complete (or received from the accountant), and no later than 180 days after the end of the fiscal year or the date in the bylaws, the association delivers the report to each owner. Delivery can go by mail or personal delivery to the mailing address, property address, email address or fax number the owner provided for association notices. The association can instead send a notice that owners can request a free copy, and then it must send that copy within 5 business days after the owner's written request.

An officer or director signs an affidavit as evidence that delivery happened. Keep it with the official records.

If an owner asks for the report and does not get it within 5 business days, the owner can tell the Division of Florida Condominiums in writing. An association that then ignores the Division's request loses the option to vote down to a lower reporting tier for that fiscal year and the next one.

The practical move is to build the calendar backward from the 90-day date. For a tier that needs a CPA, book the engagement well before year end, close the books and reconcile the accounts early, and leave room for the 21-day delivery window after the report is final.

What owners see at board meetings

The annual report is a once-a-year document, but board meetings are where owners follow the money during the year. Florida Statute 718.112(2)(c) sets the rules.

Regular board meetings. In a residential condominium of more than 10 units, the board must meet at least once each quarter. Meetings where a quorum of the board is present are open to all unit owners. At least four times each year, the agenda must include time for owners to ask the board questions.

The right to ask about money. The right to attend includes the right to speak on every designated agenda item and to ask questions about "the status of revenues and expenditures during the current fiscal year", along with the status of construction and repair projects. A board that brings a short budget-to-actual report and a reserve balance update to each meeting can answer those questions before anyone asks.

Notice. Notice of every board meeting, with every agenda item named, goes up on the condominium property at least 48 continuous hours before the meeting, except in an emergency. If assessments will be considered, the notice must say so and give the estimated cost and purpose. A meeting on a nonemergency special assessment needs written notice to owners at least 14 days ahead.

Emergency items. The board can take up an item that was not on the notice on an emergency basis by a vote of at least a majority plus one of the board members. That action must then be noticed and ratified at the next regular board meeting.

The budget meeting. Under 718.112(2)(e)1., at least 14 days before the meeting where the board considers the budget, each owner gets a notice of the meeting and a copy of the proposed annual budget, by hand delivery, mail, or electronic transmission to the location the owner provided. The board adopts the annual budget at least 14 days before the fiscal year starts.

The annual meeting. Notice rules for the owners' annual meeting differ from board meetings, and your bylaws add their own details, so check both with your association attorney.

For help reading what you present, see how to read condo financial statements.

Reserve reporting and the full-funding number

Reserves show up in two places, the budget the board adopts and the annual report it delivers.

In the budget. 718.112(2)(f)2.a. requires reserve accounts for capital expenditures and deferred maintenance. They must cover roof replacement, building painting and pavement resurfacing at any cost, plus any other item whose deferred maintenance or replacement cost exceeds $25,000 or the inflation-adjusted amount, whichever is greater. The Division posts that amount each year, and the 2026 threshold is $25,675.

For buildings of three or more habitable stories. These buildings need a structural integrity reserve study, or SIRS, which is a study of the parts that keep the building standing and dry (roof, structure, fireproofing and fire protection, plumbing, electrical, waterproofing and exterior painting, windows and exterior doors). Owners can still vote to waive or reduce other reserves, but for a budget adopted on or after December 31, 2024, an association that must have a SIRS cannot waive or reduce reserves for the SIRS items, except for a multicondominium with an alternative funding method that the Division approved (718.112(2)(f)2.b.).

In the annual report. This is the part that is easy to read past. Rule 61B-22.006 requires the report to disclose, for each reserve account, the beginning balance, the money added, the money spent, the ending balance, and "the amount of annual funding required to fully fund each reserve account" over the remaining useful life of the asset. The report also states how the estimates were made, when they were last updated, how reserve interest is allocated, and whether reserves were waived. These disclosures apply even in a year when reserves were waived, and they apply to the smallest cash receipts report too.

That fully funded figure is the most useful number in the report, and it connects to the three common funding goals. Baseline funding keeps the reserve balance just above zero. Threshold funding keeps it above a dollar amount or a percent funded (the reserve balance compared with the wear the building's components have already used up) that the board picks. Full funding keeps reserves at or near 100% of that wear, so each owner pays for the years they actually live with the roof and the elevators.

Full funding is the goal, and the only question is how fast your board gets there. The annual report already prints the target next to what you actually set aside, and the gap between the two is what later owners inherit. Saved dollars earn interest while they wait, and deferred dollars come due at tomorrow's replacement price. When a board closes that gap on a schedule, fewer projects end in a special assessment, though a hurricane, a code change or a lawsuit can still force one.

For the funding side in more depth, see:

The annual report shows where reserves stand, but it does not show a board how to close the gap alongside insurance, debt and special assessments. That is the job of a Capital Plan. Reserves Pro builds a done-for-you, five-year Capital Plan from your reserve study, recent financials, insurance declarations and loan documents, then refreshes it each quarter and briefs your finance committee, so the numbers you report to owners come with a plan behind them.

See how the Capital Plan works

Owner access to financial records

Florida Statute 718.111(12) gives unit owners broad access to the association's official records, which include its financial records.

Requests. The association must make records available within 10 working days after it receives a written request.

Penalties. If the association does not provide the records within 10 working days, the law creates a rebuttable presumption that it willfully failed to comply. An owner who is denied access can recover actual damages or minimum damages of $50 per calendar day for up to 10 days, starting on the 11th working day, and an owner who wins an enforcement action can recover reasonable attorney fees from the person who knowingly denied access.

Websites for 25 or more units. An association managing a condominium with 25 or more units (and no timeshare units) must post listed documents on its website or a mobile app, generally within 30 days after it receives or creates them. The financial items on that list include the annual budget, any proposed budget for the annual meeting, the annual financial report, any monthly income or expense statement to be considered at a meeting, approved board minutes for the preceding 12 months, and the most recent SIRS, if the association has one.

Retention. Financial reports, audits, reviews and accounting statements are official records. Most official records are kept for at least 7 years, and a SIRS is kept for at least 15 years after it is completed.

For more, see can condo owners see financial records and condo board treasurer responsibilities.

What happens when a board falls behind

Officers and directors have a fiduciary relationship to the unit owners under 718.111(1). They must act in good faith, with the care an ordinarily prudent person would use. Personal liability for money damages is narrow and applies when a breach is criminal, gives a director an improper personal benefit, or is reckless or in bad faith.

After turnover, 718.501 gives the Division jurisdiction to investigate complaints about annual financial reporting. The Division can fine an individual officer or board member who willfully and knowingly violates the chapter, which the statute defines as refusing to comply after the Division has told that person the action violates the law.

A board that keeps a written reporting calendar, books its CPA early and tells owners when something slips is in a much stronger position than one that finds the deadline after it has passed.

FAQ

Can owners vote to waive the audit requirement?

Owners can vote to prepare a lower-tier report than the revenue requires, for example compiled statements in place of an audit. The vote needs a majority of all the voting interests, it must happen before the end of the fiscal year, and it covers only that year. The association may not do this for consecutive fiscal years. Every option still produces a report, and the smallest one is a report of cash receipts and expenditures.

What happens if the board misses the financial report deadline?

The report is due within 90 days after the end of the fiscal year (or on the date the bylaws set), and owners must get it within 21 days after it is complete, and no later than 180 days after year end. After turnover, the Division of Florida Condominiums can investigate complaints about annual financial reporting. If the board is running late, document the reason, tell owners early, and work with the CPA to close the gap.

Does a reserve study count as the financial report?

No. A reserve study looks forward at what the building will need to repair and replace. The annual financial report looks back at what the association actually collected and spent. The financial report must still show the reserve balances and the annual amount needed to fully fund each reserve account. The financial report is an official record, and a structural integrity reserve study must be kept for at least 15 years.

Can we email the annual financial report to owners?

Yes. Florida law lets the association deliver the report to the mailing address, property address, email address or fax number that the owner provided for association notices. The association can also send a notice that owners can request a free copy, which it must then send within 5 business days of the written request. An officer or director signs an affidavit to show the delivery happened.

This article is general information about Florida condominium financial reporting. It is not legal advice, so consult your association attorney about the statute, the Division's rules and your governing documents. It is not financial or investment advice, so consult your CPA, your treasurer or a registered investment advisor about your association's reports, reserves and how reserves are held.