May 3, 2026
Anybody seen the 2025 audited financials yet? Maybe they want you to vote before this gets out.
Under Florida Statute 720.303(2), Homeowners' Associations (HOAs) with annual revenues of $500,000 or more must prepare audited financial statements annually. These statements must be completed within 90 days of the fiscal year-end and provided to members within 120 days. An audited report provides the highest level of assurance, with a CPA expressing an opinion on the accuracy of the financial statements. [1, 2, 3]
Key points regarding FS 720 audited financial report requirements include:
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Audit Requirement: Required for HOAs with total annual revenues of $500,000 or more.
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Lower-Level Reporting: If revenue is $300,000–$499,999, a review is required; $150,000–$299,999 requires a compilation; under $150,000 requires a report of cash receipts and expenditures.
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Member Waiver: A majority of the voting interests present at a properly called meeting can vote to prepare a report with a lower level of assurance (e.g., opting for a review or compilation instead of an audit).
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Deadline: Financial reports must be prepared within 90 days of the fiscal year-end or by the date provided in the bylaws.
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Distribution: A copy of the audited report must be provided to members within 21 days of completion or no later than 120 days from the end of the fiscal year.
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Standards: Financial statements must be prepared in accordance with Generally Accepted Accounting Principles (GAAP). [1, 2, 3, 4, 5] This is an independent website from a Delaire homeowner and Declared Board candidate. It is not affiliated with, endorsed by, or authorized by Delaire Country Club or the Delaire Country Club Property Owners’ Association. In fact, they are not real happy about it.