“Changes to Condominium Laws Regarding Financial Reports and Official Records” – News-Press

Today’s column is the fifth installment exploring the 2025 changes to the statutes made by House Bill 913. Today’s topics, changes to the statutes on year-end financial reporting requirements and official records rules.

Financial Reports

• Timing: The law still requires that the association prepare and complete, or contract for preparation of the year-end financial report within 90 days of the close of the fiscal year, or annually on a date provided in the bylaws. What has changed is that the statutory deadline to make the reports available has been changed from within 21 days of receipt of the final report by the third party, or completed by the association but not later than 120 days from the end of the fiscal year, to no later than 180 days from the end of the fiscal year.
• Manner of Delivery: The 2025 changes reversed the 2024 amendments to the statute and reverted to previous law. The association once again has the option of either sending out the year-end report to the owners or sending them a notice that a copy will be made available to them, free of charge, on request. The law contains specific rules on these notices which must be followed.
• Affidavit Requirement: The statute now requires that the association prepare and execute an affidavit confirming legal compliance with the notice/delivery requirements for year-end financial reports.
• Waiver of Report Level: The law did not change the level of year-end financial report required. Associations with annual revenues of $500,000.00 or more must have an audit. Revenues between $300,000 and $500,000 require a review. Revenues of $150,000.00 to $300,000.00 require a compilation, and a statement of cash receipts and expenditures is permissible for associations with revenues of less than $150,000.00. The law permits associations to take an owner vote to “waive down” to a lower-level financial report. Under previous law, the required vote was a majority of the voting interests (there is usually one voting interest per unit) present and voting at a membership meeting at which a quorum is present. Under the new law, approval of a majority of all voting interests is required.

Official Records

• New Items: The new statute adds to the list of required official records: committee meeting minutes; bank statements and ledgers; all affidavits which the statute requires the association to prepare in connection with various actions; and recordings of video conference meetings.
• Criminal Penalties: The statute provides that “willfully and knowingly or intentionally” denying access to official records can be a second-degree misdemeanor. The previous statute required the denial to also be “repeatedly” (defined as two or more incidents in a 12-month period), which requirement has been removed.
• Website Upload: The statute requires that official records that are required to be posted on the association’s website be made available within 30 days of creation or receipt of the document, unless a different timeframe is set forth elsewhere in the statute. Associations managing condominiums of 150 or more units, which do not contain timeshare units, are currently required to have a website. As of January 1, 2026, that number will be reduced to 25 units.

As discussed in my July 6, 2025, column, Section 718.103(33), Florida Statutes, defines the term “video conference” to mean “a real-time audio and video-based meeting.” I failed to mention in that column that the statute defines video conference as a real-time audio and video-based meeting, not those with only one or the other.

Next week we will wrap up this series with a look at some miscellaneous changes of note.

Joe Adams is an attorney with Becker & Poliakoff, P.A., Fort Myers. Send questions to Joe Adams by e-mail to jadams@beckerlawyers.com. Past editions may be viewed at floridacondohoalawblog.com.