FINANCIAL TRANSPARENCY
If the unit owners elect to do so, they can vote for the association to prepare a lesser year-end statement than what is required by law. The law has changed and now states:
An association may not prepare a lesser financial statement than what is required by law for consecutive fiscal years.
NO MORE DEBIT CARDS
Board members were previously arrested for using the association’s debit cards at the Hard Rock Casino. So the law has changed and states:
(13) DEBIT CARDS.— (a) An association and its officers, directors, employees, and agents may not use a debit card issued in the name of the association, or billed directly to the association, for the payment of any association expenses.
(b) A person who uses a debit card issued in the name of the association, or billed directly to the association, for any expense that is not a lawful obligation of the association commits theft as provided under s. 812.014. 589 590 For the purposes of this subsection, the term “lawful obligation of the association” means an obligation that has been properly preapproved by the board and is reflected in the meeting minutes or the written budget.
HOMEOWNERS ARE ENTITLED TO KNOW WHAT THEY OWE
(14) REQUIREMENT TO PROVIDE AN ACCOUNTING.—A parcel owner may make a written request to the board for a detailed accounting of any amounts he or she owes to the association related to the parcel and the board shall provide such information within 10 business days after receipt of the written request. The parcel owner may provide to the board a written authorization for any occupant, licensee, or invitee of the parcel owner to make a written request to the board for a detailed accounting of any amounts he or she owes to the association related to the parcel. The board shall provide to the occupant, licensee, or invitee of such parcel owner, and provide a copy to the parcel owner, such information within 10 business days after receipt of the request. After a parcel owner, an occupant, a licensee, or an invitee makes such written request to the board, he or she may not request another detailed accounting for at least 90 calendar days. Failure by the board to respond within 10 business days to a written request for a detailed accounting constitutes a complete waiver of any outstanding fines of the person who requested such accounting.
So what do you think?
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Just a note. Need to correct the 3rd letter in the word “out” to read “our”. See the entry you have…..Catch out latest episode of Condo Craze and HOAs.
Regarding the blog, concerning a “request for an accounting”, this seems to be the owner’s individual account. But what about the financial statements for the association? Typically, we have ours posted in a portal once a month. That happened for a long time but, even though I have requested they post all available monthly financials, the last one posted was for Nov 2023. Is there anything in the statutes that has a requirement for HOAs and/or COAs to post the monthly financial statements and/or make them available especially if requested?