FL H6027

Deletes the provision allowing associations operating fewer than 50 units to prepare simplified cash receipts and expenditures reports instead of full financial statements.

Eliminates provisions prohibiting condominium and cooperative associations from waiving financial reporting requirements for more than 3 consecutive years.

Amends financial reporting requirements for condominiums (s. 718.111), cooperatives (s. 719.104), and homeowners associations (s. 720.303) to standardize and clarify reporting thresholds based on annual revenues: compiled statements for $150,000-$299,999; reviewed statements for $300,000-$499,999; audited statements for $500,000 or more.

Allows associations to prepare enhanced financial reports (compiled, reviewed, or audited) voluntarily or with unit owner approval without meeting, or allows downgrading to simpler reports with majority voting approval at a properly called meeting.

Takes effect July 1, 2017.