FL H4021

Eliminates the option for condominium associations (s. 718.111) to file simplified cash receipts and expenditures reports instead of full financial statements based on fewer than 50 units; associations with annual revenues under $150,000 must now prepare full financial reports.

Modifies cooperative association reporting requirements (s. 719.104) to delete the provision allowing smaller associations to file simplified reports, though associations under $150,000 in annual revenues may still use simplified reporting.

Changes homeowners' association reporting rules (s. 720.303) to make simplified cash receipt and expenditure reports optional rather than mandatory for communities with fewer than 50 parcels, allowing flexibility based on governing documents.

Standardizes the content requirements for any simplified cash receipt and expenditure reports across all three association types to include specific expense categories such as security, management fees, taxes, maintenance, insurance, and reserves.

Takes effect July 1, 2015, and requires the division to adopt uniform accounting principles and standards for all associations, including reserve funding disclosures using the straight-line accounting method.