Four tiers, set by revenue. The delivery deadline for condominiums moved in 2025 and most calendars have not caught up.
✓ Four tiers from under $150,000 to $500,000+
✓ HOAs with 1,000+ parcels audit regardless
✓ Prepare within 90 days of fiscal year end
✓ Deliver: condo 180 days, HOA 120 days
STEP 1
We meet your board
We start with a discovery session to understand your size, needs, and goals. We review past records, current systems, and any lingering messes you want cleaned up.
STEP 2
We Onboard Your Books
We don’t just plug in data. We get everything in sync. That means full reconciliations, setup of vendor and dues tracking, and a financial calendar tailored to your schedule.
STEP 3
We Deliver Every Month
You’ll get board-ready financials on a predictable rhythm, complete with reconciliation notes, variance summaries, and report context. No chasing. No guessing. Always accountable.
STEP 4
We Keep You Compliant
Deadlines, filings, vendor records, audit prep — we make sure your board stays ahead of what matters most. When tax time comes, it’s an easy process because we’ve kept the finances in order.
Year-end financial reporting for Florida associations
The tier is arithmetic. What causes problems is everything around it — an association that crosses $500,000 because of a special assessment and does not realize it needs an audit until March, a waive-down vote taken two years running, or a delivery calendar still set to a deadline that changed.
Ledgerly tracks the revenue against the thresholds during the year rather than after it, so the tier is known before the fiscal year closes and the engagement is booked in time. We handle the audit or review coordination, prepare the underlying statements to the standard the engagement requires, and manage the delivery to owners inside the statutory window.
The four tiers
Identical bands in all three chapters — s. 718.111(13) for condominiums, s. 720.303(7) for homeowners' associations, s. 719.104(4) for cooperatives. The thresholds are total annual revenue and they are not indexed for inflation. They have not moved in well over a decade, which means ordinary cost growth pushes associations up a tier without anything else changing.
| Total annual revenue | Required report |
|---|---|
| Less than $150,000 | Report of cash receipts and expenditures |
| $150,000 or more, but less than $300,000 | Compiled financial statements |
| At least $300,000, but less than $500,000 | Reviewed financial statements |
| $500,000 or more | Audited financial statements |
One HOA-only addition. An association with at least 1,000 parcels must prepare audited financial statements regardless of total annual revenue. Added in 2024. There is no condominium or cooperative counterpart.
A cash receipts and expenditures report is not a free pass either. It must disclose receipts by account and classification, and expenses by account and classification, including security, professional and management fees, taxes, recreation facilities, refuse collection and utilities, lawn care, building maintenance and repair, insurance, administration and salary expenses, and reserves if maintained.
7 things boards get wrong about financial reporting
- 1
Assuming a small association is exempt
It is not, and has not been since around 2017. The tier is set by revenue alone, apart from the HOA 1,000-parcel audit rule. A 30-unit building with a $600,000 budget needs an audit.
- 2
Using the wrong delivery deadline for a condominium
It is 180 days now, not 120. Boards working from a pre-2025 compliance calendar are running a schedule that is 60 days tighter than the law requires — which is harmless — but the same calendar usually carries other 2025 changes it has also missed.
- 3
Waiving down two years in a row
Prohibited in both chapters since 2024. A board that voted a waive-down last year cannot do it again this year, whatever the vote.
- 4
Using the wrong vote threshold for a condominium waive-down
A majority of all voting interests since 2025, not a majority of those present. Associations that struggle for a quorum will find this effectively removes the option, which is what the change was for.
- 5
Forgetting that a special assessment moves the tier
Total annual revenue includes it. An association that levies a large special assessment for a milestone repair can jump two tiers in a single year and owe an audit it never budgeted for.
- 6
Missing the five-business-day response to an owner request
For condominiums, the penalty is the loss of the waive-down right for two fiscal years — a consequence far out of proportion to the effort of sending a PDF.
- 7
Telling condominium owners they can petition for an audit
They cannot. That mechanism exists for HOAs and cooperatives at a 20 percent petition threshold. Chapter 718 has nothing comparable.
Frequently asked questions — financial reporting
Can our members vote to prepare a cheaper report?
Yes, in all three chapters, but the rules tightened twice recently and they now differ by chapter.
Condominiums: a majority of all the voting interests of the association — raised in 2025 from a majority of those present at a meeting. That is a much harder number to reach, because absentees now count against you.
HOAs and cooperatives: still a majority of the voting interests present at a properly called meeting.
Condominiums and HOAs both: an association may not prepare a lower-tier report for consecutive fiscal years. The waive-down is available every other year at best. That restriction was added in 2024, replacing an older rule that let a single approval carry into a second year.
What are the deadlines?
Preparation: 90 days. Within 90 days after the end of the fiscal year, or annually on the date provided in the bylaws, the association must prepare and complete — or contract with a third party to prepare and complete — the report for the preceding fiscal year. Same in all three chapters.
Delivery: this is where they differ. Within 21 days after the final report is completed, but not later than 180 days after fiscal year end for condominiums, or 120 days for HOAs and cooperatives.
The condominium figure was 120 days through the 2024 edition and was extended to 180 in 2025. The same amendment clarified that the association provides a copy of the report or a notice that it will be made available on request — fixing a 2024 drafting glitch that appeared to require both.
An owner asked for the financial report. How long do we have?
For condominiums, five business days, and the consequence of ignoring it is specific. On a unit owner's written request, if the association fails to mail or hand deliver the most recent report within five business days, the owner may notify the Division in writing. The Division then requires the association to comply within five business days of the Division's notice. An association that fails to comply with the Division's request may not waive the financial reporting requirement for that fiscal year and the following fiscal year.
The penalty is losing the waive-down right for two years — which is itself confirmation that the waive-down right still exists.
Can members force an audit?
Not individually, and for condominiums not at all.
HOAs and cooperatives have a petition route: if 20 percent of parcel owners petition the board, the association must notice and hold a members' meeting within 30 days. On approval of a majority of the total voting interests, the association must prepare the higher-tier report — and must amend the budget or adopt a special assessment to pay for it regardless of any provision to the contrary in the governing documents. Delivery within 90 days of the meeting or the end of the fiscal year, whichever is later.
Condominiums have no equivalent petition mechanism. Section 718.111(13) gives owners no route to force a higher reporting tier. That asymmetry surprises people and is worth stating plainly.
Can the board voluntarily do more than required?
Yes, and without a member vote. A condominium association may prepare compiled, reviewed or audited statements even where a lower tier is required, with no meeting and no owner approval. For an association close to a threshold, or one heading into a turnover, a defect claim or a major borrowing, going up a tier voluntarily is usually the cheaper decision.
What counts as "total annual revenue"?
The statutes use the phrase without a detailed definition, so the practical answer is all revenue the association recognizes for the fiscal year, not just regular assessments. Special assessments, interest, rental and amenity income all count. Associations that budget conservatively on assessments and then levy a special assessment frequently cross a threshold without noticing until the accountant raises it.
Quick answers
Are the thresholds adjusted for inflation?
No. There is no CPI or periodic-adjustment provision in any of the three subsections. The $150,000, $300,000 and $500,000 figures are fixed and have been unchanged for well over a decade.
Can our governing documents require more than the statute?
Declarations and bylaws commonly do, and associations generally follow them as a contractual matter. Note, though, that we did not find a general provision in the current statutory text expressly authorizing governing documents to mandate a higher tier — so treat the document requirement as a contract obligation rather than a statutory one.
What is the difference between compiled, reviewed and audited?
Compiled statements present management's figures in proper form with no assurance. A review applies analytical procedures and inquiry, giving limited assurance. An audit tests the underlying records and gives an opinion. The cost and the time asked of the board rise accordingly, which is why the tiers exist.
Do cooperatives follow the condominium rules?
Not entirely. Cooperatives use the same revenue bands and the same 90-day preparation deadline, but retain the 120-day delivery deadline and the majority present waive-down threshold — the 2025 condominium changes do not appear to have been carried across. Check before advising a cooperative board from a condominium calendar.
Has anything changed for 2026?
No. The 2026 session produced no amendments to the financial reporting provisions in any of the three chapters. The community association bills that would have touched them died in committee.
The Truth Is
Boards Run Better with Ledgerly.
Designed specifically for volunteer board members, Ledgerly provides clarity monthly and confidence always. When you’re partnered with us, you’ll see how managing HOA and COA finances is in our DNA.
Clear monthly statements
Reserve fund tracking
Accounts payable and receivable updates
Board-ready reports with context
And best of all? Questions answered by a real person, not a ticket system
You handle the decisions. We'll handle the numbers.
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Financial Stewardship, Not Just Software
Other platforms ask you to do the work. Ledgerly does the work for you. Our process was designed by professionals who understand how stressful and ambiguous community finances can be, and how to fix that. We didn’t just create another app. We built an association accounting system. Every checklist, calendar, and report is designed with one goal in mind: help boards lead with structure and confidence.
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