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HOA Audit Can be Waived

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Q: My homeowners’ association is required to have an audit every year. This year there is a discussion of skipping the audit. Are there voting guidelines and deadlines on this? (A.G., via e mail)

A: Section 720.303(7) of the Florida Homeowners’ Association Act provides that homeowners’ associations with annual revenues of $500,000.00 or more must prepare audited financial statements each year. Associations with total annual revenues of at least $300,000.00, but less than $500,000.00, must prepare reviewed financial statements. Associations with total annual revenues of $150,000.00 or more, but less than $300,000.00, must compare compiled financial statements, and associations with revenues of less than $150,000.00 must prepare a report of cash receipts and expenditures.

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