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IslamM (Florida)
Posts: 67
Posted:
Reading about official documents, does FL 720 mandates to provide monthly financials to the members?
DouglasK1 (Florida)
Posts: 2,046
Posted:
I just took a quick look at 720 and the only thing I see there are requirements for annual reporting to members within 60 or 90 days of the end of the fiscal year.

What section of 720 leads you to the monthly report conclusion?

We have a fairly small association and typically only have 4-5 board meetings a year. Since dues are paid quarterly, we don't even generate monthly financials, we just do them quarterly.

Escaped former treasurer and director of a self managed association.
RichardP13 (California)
Posts: 3,868
Posted:
Under 720.303 (7) the association is obligated within certain time restraints to provide certain ANNUAL financial reporting. I know of no state that requires financial reporting to be distributed to members on a monthly basis.
TimB4 (Tennessee)
Posts: 21,062
Posted:
As I read it, the financial documents must be available for inspection or copying. Free copies (up to max of 25 pages) may be done if a copier is onsite at the time of inspection. This is not a requirement to give copies for free if a member requests. The member must physically show up to inspect and then request copies of what they are inspecting. Note: if a copier is not available, then the Association may charge for each copy (no freebies). That is my laymans reading of it.

Per that statute (720.303):

(j) The financial and accounting records of the association, kept according to good accounting practices. All financial and accounting records must be maintained for a period of at least 7 years. The financial and accounting records must include:
1. Accurate, itemized, and detailed records of all receipts and expenditures.
2. A current account and a periodic statement of the account for each member, designating the name and current address of each member who is obligated to pay assessments, the due date and amount of each assessment or other charge against the member, the date and amount of each payment on the account, and the balance due.
3. All tax returns, financial statements, and financial reports of the association.
4. Any other records that identify, measure, record, or communicate financial information.

GenoS (Florida)
Posts: 4,276
Posted:
Yes.

As per TimB's post, all financial and accounting records are considered official records of the association and must be made available upon request. Well, within 10 days. Be sure to make the request in writing.
RichardP13 (California)
Posts: 3,868
Posted:
I read the question of the OP as providing financials in the form of mailing them or emailing them when they become available. If the question is being available UPON request, I believe most states and Bylaws allow for that.
GenoS (Florida)
Posts: 4,276
Posted:
You're right, Richard. "Make them available" to the owner doesn't mean "provide copies". The owner must be ready to either pay for copies or bring his own scanner/copy machine/camera if needed. It depends on the association. Some, like mine, will send PDF files via email if they're readily available. Most of our monthly documents and financial reports are available that way and we don't charge for email service. 30% of our owners don't have email addresses, or at least none they want to share with us, and if they requested access to the records we'd probably impose a reasonable cost for that.

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