Florida association financial disclosure rules under Chapter 718
July 13, 2026 · 4 min read
In Florida, an association's year-end financial statement is not a courtesy to members. It is a statutory obligation with a defined level, a delivery deadline, and consequences for skipping it. Boards that understand the rule budget for the right engagement and avoid the annual scramble. This guide explains what Florida law requires for condominium associations and how homeowners' associations differ.
Educational only, not legal or accounting advice. Common Elements Accounting is a marketing service that connects boards with CPA firms that specialize in Florida association work. We do not prepare financial statements. Your obligations depend on your declaration and current law, so confirm with a licensed CPA and, where needed, association counsel.
What Chapter 718 requires of condominiums
The Florida Condominium Act, Chapter 718, requires a condominium association to prepare a year-end financial statement and make it available to unit owners. The financial reporting provisions live in Florida Statute 718.111(13). The core idea is that the required level of the statement scales with the association's annual revenue:
- Smaller associations may satisfy the requirement with a simpler report of cash receipts and expenditures.
- As annual revenue rises, the law steps the requirement up to a compilation, then a review, and at the highest revenue tier a full audited financial statement.
The exact dollar thresholds are set by statute and have been adjusted over time, so confirm the current figures with your CPA rather than relying on a number you remember from a prior year. The principle to internalize is that revenue, not board preference, sets the floor for the level of statement you owe your members.
The delivery obligation
Preparing the statement is only half of it. Chapter 718 also requires the association to deliver or make the statement available to members within a set period after the fiscal year ends. Owners generally have the right to receive it, and a board that fails to provide it can face member complaints and regulatory attention. Treat the preparation deadline and the delivery deadline as two separate obligations, because the law does.
When members can vote to change the level
Florida condominium law has historically allowed members, under defined conditions, to vote to prepare a lower level of financial statement than the revenue tier would otherwise require, subject to limits on how often that waiver can be used. This is a real option for cost-conscious associations, but it is bounded and procedural. Do not assume a waiver is available or automatic. Confirm the current rule and the required member vote with counsel before relying on it.
How homeowners' associations differ
Chapter 718 governs condominiums. Florida homeowners' associations are governed separately by Chapter 720, which contains its own financial reporting requirements that parallel the condominium structure, scaling the required level of statement with association revenue. The two chapters are similar in spirit but not identical in their thresholds and procedures. If you run an HOA rather than a condominium, work from Chapter 720's financial reporting provisions, not the 718 sections cited above.
What a compliant year-end looks like
Associations that stay out of trouble do the same things: they know their revenue tier, they engage a CPA early enough to hit the preparation deadline, and they calendar the member-delivery deadline as its own task. A firm that works in Florida associations will know the current thresholds cold and will not let a board file the wrong level by accident.
If you would like a Florida CPA who specializes in condominium and HOA financial reporting to confirm your required level and prepare your year-end statement, tell us about your association. Free for boards.