FL S1292

Eliminates provisions allowing associations with fewer than 50 units or parcels to prepare simplified cash receipt and expenditure reports instead of full financial statements, regardless of annual revenues.

Requires associations with annual revenues less than $150,000 to prepare cash receipts and expenditures reports, which must disclose detailed breakdowns of receipts and expenses by category including security, management fees, maintenance, insurance, and reserves.

Establishes enforcement mechanism: if an association fails to provide a financial report to a unit owner within the required timeframe after written request, the unit owner may notify the Division of Florida Condominiums, Timeshares, and Mobile Homes, which must contact the association to comply within 5 working days.

Requires associations that fail to provide financial reports to submit copies to the division within 7 working days and file reports with the division for the 2 subsequent fiscal years within 21 days of completion, with the division maintaining and providing copies to the public upon request.

Applies requirements to condominium associations (section 718.111), cooperative associations (section 719.104), and homeowners' associations (section 720.303); takes effect July 1, 2016.