FL S0294

Deletes exemption allowing associations operating fewer than 50 units or parcels to prepare simplified cash receipts and expenditures reports instead of compiled, reviewed, or audited financial statements.

Removes the 3-consecutive-year limit on waiving financial reporting requirements for condominium associations, cooperatives, and homeowners' associations.

Applies changes to financial reporting standards across three statutes: section 718.111 (condominiums), section 719.104 (cooperatives), and section 720.303 (homeowners' associations).

Maintains existing reporting timelines requiring associations to prepare financial reports within 90 days after fiscal year end and distribute or offer copies to members within 21-120 days.

Takes effect July 1, 2017.