VeronicaR1 (Florida)
Posts: 6
Posts: 6
Posted:
Our HOA by-laws states:
5.3 Financial Statements.
Financial statements of theaccounts shall be made annually by an independent accountant and a copy of the report shall be furnished to each Member and Owner no later than the first day of May of the year following the year for which the report is made. The report shall be deemed furnished to the Member or Owner upon its delivery or mailing to the Member or Owner shown on the records of the Corporation at his last known address shown on the records of the Corporation.
Now the Florida Statutes states:
(a) An association that meets the criteria of this paragraph shall prepare or cause to be prepared a complete set of financial statements in accordance with generally accepted accounting principles as adopted by the Board of Accountancy. The financial statements shall be based upon the association’s total annual revenues, as follows:
1. An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements.
2. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements.
3. An association with total annual revenues of $400,000 or more shall prepare audited financial statements.
(b)1. An association with total annual revenues of less than $100,000 shall prepare a report
The board is telling us that they do not need to have it done by an independent accountant because they fell under 100,000. Even though this is true according to Florida Statutes our by-laws says differently.
Please advise.
5.3 Financial Statements.
Financial statements of theaccounts shall be made annually by an independent accountant and a copy of the report shall be furnished to each Member and Owner no later than the first day of May of the year following the year for which the report is made. The report shall be deemed furnished to the Member or Owner upon its delivery or mailing to the Member or Owner shown on the records of the Corporation at his last known address shown on the records of the Corporation.
Now the Florida Statutes states:
(a) An association that meets the criteria of this paragraph shall prepare or cause to be prepared a complete set of financial statements in accordance with generally accepted accounting principles as adopted by the Board of Accountancy. The financial statements shall be based upon the association’s total annual revenues, as follows:
1. An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements.
2. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements.
3. An association with total annual revenues of $400,000 or more shall prepare audited financial statements.
(b)1. An association with total annual revenues of less than $100,000 shall prepare a report
The board is telling us that they do not need to have it done by an independent accountant because they fell under 100,000. Even though this is true according to Florida Statutes our by-laws says differently.
Please advise.