FL S0796

Eliminates the alternative financial reporting option for condominium associations operating fewer than 50 units, requiring them to prepare full financial statements rather than simplified cash receipts and expenditures reports (regardless of annual revenues).

Eliminates the alternative financial reporting option for cooperative associations in communities with fewer than 50 units, requiring them to prepare full financial statements instead of simplified cash receipts and expenditures reports.

Eliminates the optional simplified reporting for homeowners' associations in communities with fewer than 50 parcels, making full financial statements the required format unless governing documents provide otherwise.

Retains the simplified cash receipts and expenditures reporting requirement for all three association types (condominiums, cooperatives, homeowners' associations) with total annual revenues under $150,000.

Takes effect July 1, 2015.