In our by-laws it says any homeowner may have access to any record we keep with notice, which includes audits. However it lacks to say we require an audit directly. In 5.3 of our records it says we need a report. Florida State Statutes only need audits for 400k+ annual budget communities.
5.3 Financial Statements.
Financial statements of the accounts shall be made annually by an independent accountant and a copy of the report shall be furnished to each Member and Owner no later than the first day of May of the year following the year for which the report is made. The report shall be deemed furnished to the Member or Owner upon its delivery or mailing to the Member or Owner shown on the records of the Corporation at his last known address shown on the records of the Corporation.
Florida statutes trump bylaws. Fla. Stat. 720.303(7) requires the annual financials to be ready 90 days after the end of the fiscal year, so if your HOA is on a calendar year for fiscal accounting, this date is March 30th (not accounting for leap years).
Fla. Stat. 720.303(7)(a) provides:
1. An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements.
2. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements.
3. An association with total annual revenues of $400,000 or more shall prepare audited financial statements.
The revenue determines the type of financial statements your HOA is required to prepare.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case. The Law Offices of Stage & Associates practices state-wide and represents homeowners and community associations. Please visit our website at www.stagelaw.com.
An audit is different than an accounting. Depending on your HOA documents and the level of annual income, an audit may not be necessary.
Without reading the bylaws in their entirety, it would be difficult to answer your question. I know a terrific HOA attorney that represents plenty of Ft. Lauderdale associations. If you would like to be put in touch, please contact me directly.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline