Question: Our annual budget is always over $500,000 and requires a year-end audit unless waived by the owners, which I understand cannot be done more than three consecutive years. Is there a penalty and what could happen if the association obtains owner approval to waive the audit for more than three consecutive years? M.K. via… Continue Reading
Question: At the recent annual meeting for my condominium association the owners were presented with a question asking whether the association should waive the requirement to have an audit of the association financial records conducted. The same question has been asked for the past few years. I looked and our bylaws specifically require an audit… Continue Reading
Question: On the proxy for my association’s annual meeting, there is a question asking me whether next year’s financial reporting for the association should be waived. It doesn’t appear to me that I should at this point approve waiving financial reporting for a fiscal year that has yet to start. Also, am I incorrect that… Continue Reading
Question: Our condominium association sends the owners monthly budget reports, including year-to-date expenditures and comparisons with previous years’ expenditures. Some of our owners are leery about what we see. Can we demand an independent audit? If so, what is the procedure? D.B. (via e-mail) Answer: First, I would say that a condominium association routinely providing… Continue Reading
Members of a Florida homeowners’ association can “waive down” to a lower level of year-end financial report where an audit is required.
QUESTION: Last year our condo association members voted to "waive" the annual CPA Review. Must the question be presented to the membership for a vote each year, or can the board have the review done unless specifically requested to place the question before the membership? RESPONSE: The board must have financial statements prepared in compliance… Continue Reading