Question:
Wanted to ask if the filing requirement under Florida Homeowners’ Association Act under Section 720.303(7) can be waived by board members? Meaning, let’s say, instead of audit, can we just do financial review even though expenses are over $500K? Thanks much!
– Berta
Answer:
Hi Berta,
It seems that Section 720.303(7)(d) may allow the association to prepare a report of cash receipts and expenditures, a compiled financial statement, or a reviewed financial statement in lieu of an audited financial statement if a majority of the voting interests present at a properly called meeting of the association approves it. However, it’s best to consult a lawyer for further guidance.
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