Every Florida homeowners association must prepare an annual financial report, and the level of CPA involvement depends mostly on the association's total annual revenue. Getting the tier right matters: an association that grows past a threshold through an assessment increase or a special assessment can move into a more demanding category without anyone deciding it should.
The reporting tiers under section 720.303(7)
Based on the 2026 Florida Statutes:
| Total annual revenue | Required report |
|---|---|
| Under $150,000 | Report of cash receipts and expenditures |
| $150,000 to under $300,000 | Compiled financial statements |
| $300,000 to under $500,000 | Reviewed financial statements |
| $500,000 or more | Audited financial statements |
| At least 1,000 parcels, any revenue | Audited financial statements |
The report is due within 90 days after the end of the fiscal year, or on the date provided in the bylaws. You may see articles online claiming the audit threshold dropped in 2026; check the current statute text before relying on any summary, including this one.
Waivers and higher levels
Members may vote at a properly noticed meeting to prepare a lower level of report, but the statute bars doing so in consecutive fiscal years. Owners can also petition for a higher level of reporting. The board may choose a higher level on its own.
What the levels mean
- Compilation. The CPA presents management's numbers in financial statement form without providing assurance.
- Review. The CPA performs inquiry and analytical procedures and provides limited assurance.
- Audit. The CPA tests transactions, balances and controls and provides reasonable assurance, with a formal opinion.
Getting audit-ready
Monthly bank and reserve reconciliations, a supported delinquency allowance, documented interfund transfers, and a year-end package prepared before the CPA arrives will reduce fees and adjustments at every level. Our HOA treasurer's monthly review covers the monthly habits.
This article is general information; confirm your association's obligations with association counsel and your CPA.
Common questions
- When does a Florida HOA need an audit?
- When total annual revenue is $500,000 or more, or the association has at least 1,000 parcels, unless a permitted waiver applies.
- Can a Florida HOA waive its audit?
- Members can vote to prepare a lower level of report, but not for consecutive fiscal years.
Next step: Talk to a CFO about year-end readiness.
Prefer to talk it through? Request a consultation
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