Florida Law requires condominiums and homeowner associations to prepare annual financial statements and disclosures and provide them to their members. Depending on the association’s revenues, they may be required to provide financial statements that are audited, reviewed, compiled, or internally prepared.
As a result of the Champlain towers collapse, on Tuesday, March 1, 2022, Miami-Dade County enacted into law that all condominium and homeowner associations are required to publicly file a registration which includes the most recent financial statements and structural reports beginning February 1, 2023, and each year thereafter.
Community Associations will be required to file written registration with the Department of Regulatory and Economic Resources to submit documentation regarding their administration details, financial status, building maintenance updates and plans, and certificates of insurance. The new law states that an online portal will be created for the public to access the aforementioned documents. In addition, each Community Association will have a registration fee for their association which will be based on a tiered structure in accordance with the number of units in your association.
We predict that the recent implementation of these new reporting regulations and requirements for Community Associations in Miami-Dade County will soon see similar legislation passed in Broward County.
We encourage condominium and homeowner associations in Miami-Dade and Broward County to prepare their documents and statements in accordance with State law and in preparation for this potential additional reporting requirement.
For more information regarding the new legislation, please visit https://www.miamidade.gov/govaction/legistarfiles/Matters/Y2022/220383.pdf
If your condo or homeowner association needs assistance in the preparation of your community’s financial statements to adhere to the new legislation, our experienced team can help.