Florida HOA Financial Reports: What You Must File & When (2025)

Serving on a homeowners’ association board is mostly about keeping the community livable, but the State of Florida cares most about one thing: your numbers. Every dollar collected in dues, every bill paid to landscapers, and every dime set aside for roof replacement must be documented, approved, and, in many cases, filed with owners or regulators on a strict timetable. Failure to do so can expose directors to personal liability, trigger state investigations, or give disgruntled owners ammunition for costly lawsuits.

This guide explains exactly which financial reports Florida HOAs must prepare in 2025, who should prepare them, and the deadlines you cannot miss. It is written for volunteer treasurers, presidents, and community managers who need a clear, lawyer‑vetted checklist rather than pages of statute citations. You will also learn practical tips for choosing the right level of professional engagement, streamlining month‑end close, and communicating results to homeowners in plain English.

1. Know the three authorities that control your reporting obligations

Florida’s HOA accounting rules do not live in one tidy document. Instead, they flow from three separate but overlapping authorities:

1. Florida Statutes Chapter 720 – applies to most single‑family subdivisions and planned unit developments.
2. Your recorded governing documents – declaration, covenants, and bylaws can require stricter reporting than the statute.
3. The 2025 Department of Business and Professional Regulation (DBPR) guidelines – advisory but influential when disputes arise.

Key point: When two authorities conflict, follow the requirement that is more protective of owners. That usually means your bylaws outrank the statute, and the statute outranks DBPR guidance.

2. Core financial statements every HOA must produce

Below is the mandatory minimum package that must be prepared each fiscal year, regardless of association size. Provide copies to every owner within 120 days of year‑end or within 30 days of a written request, whichever comes first.

List 1 – Annual statement package

• Balance sheet – shows assets, liabilities, and fund balances at fiscal year‑end.
• Statement of revenues and expenses – compares budgeted and actual results.
• Statement of changes in fund balances – details movement between operating and reserve funds.
• Statement of cash flows – required only when the association’s documents call for full GAAP presentation but recommended for transparency.
• Notes to the financial statements – disclose significant accounting policies, reserve funding method, and pending litigation.

Deliver the package electronically unless an owner specifically requests hard copies.

3. Determine whether you need an audit, review, or compilation

Florida uses gross annual revenues to set the level of outside accountant involvement. The thresholds adjust each year for CPI. For fiscal years ending in 2025 the breakpoints are:

List 2 – Engagement thresholds for 2025

• Revenues under  $150,000 – Compilation by an independent CPA or board member with bookkeeping experience.
• $150,000 to <$500,000 – Reviewed financial statements prepared or examined by an independent CPA.
• $500,000 or more – Full audit conducted under generally accepted auditing standards.

If 20 percent of voting interests petition for a higher level of assurance, the board must comply even if the revenue threshold is not met. Conversely, owners can vote to waive the engagement requirement altogether, but the waiver expires at the next annual meeting.

Tip: Even when a compilation is legally sufficient, many boards in litigation‑prone counties like Miami‑Dade opt for a review to deter challenges from owners.

4. Filing calendar you cannot miss

Florida does not require HOAs to file financials with the state, but several time‑sensitive disclosures apply.

List 3 – 2025 reporting deadlines

List 3 – 2025 reporting deadlines

• Jan 15 2025 – Budget adoption notice (if fiscal year = calendar year) → delivered to all owners via email and posted on the community bulletin board.
• Mar 30 2025 – Annual statement package → emailed (PDF) to every owner or mailed hard copy on request.
• 60 days before the election – Year‑to‑date income statement → uploaded to the owner portal and shared with all candidates.
• Within 5 days of an owner request – Current reserve schedule → sent as a PDF email to the requesting owner.
• Quarterly – Cash‑receipts and disbursements summary → presented by the treasurer at an open board meeting and attached to the meeting minutes.

All dates assume a calendar fiscal year. Adjust if your HOA uses a different year‑end. Shift accordingly if your HOA uses a different year‑end.*

5. Reserve disclosures: show owners how tomorrow’s roof will be paid for

Florida courts increasingly treat under‑funded reserves as a breach of fiduciary duty. Statute 720 does not impose a universal reserve formula, but it does require clear disclosure of how reserves are calculated and whether the board plans to waive or reduce contributions.

List 4 – Reserve disclosure checklist

• Reserve study reference – date of last study and engineer name.
• Component listing – roof, painting, paving, elevators, pool deck, electric gates.
• Remaining useful life for each component.
• Projected replacement cost at current prices.
• Balance in reserve fund at year‑end.
• Annual contribution schedule needed to reach full funding.

Attach the checklist as a supplementary schedule to your annual statement package. Highlight any component with less than three years of useful life and insufficient funding.

6. Building an efficient month‑end close process

The easiest way to hit statutory deadlines is to treat every month like a mini‑year‑end. That means reconciling bank accounts, posting accruals, and locking transactions no later than the 15th of the following month.

List 5 – Month‑end close steps

1. Import bank feeds into accounting software and reconcile to the penny.
2. Match receipts against homeowner ledgers; pursue delinquencies early.
3. Enter vendor invoices and attach digital copies for audit trail.
4. Allocate expenses to reserve or operating fund according to budget.
5. Accrue prepaids such as insurance and annual service contracts.
6. Run preliminary financials for treasurer review.
7. Lock period so late transactions roll into the next month.

A disciplined monthly process reduces year‑end CPA fees by as much as 30 percent because fewer adjustments are needed.

7. Common pitfalls that trigger owner complaints

Even well‑meaning boards stumble on these recurring issues:

List 6 – Frequent errors and how to fix them

• Mixing reserve and operating cash – open separate bank accounts.
• Capitalizing landscaping – record routine landscaping as expense, not asset.
• Ignoring related‑party disclosures – disclose any board member who owns a vendor company.
• Late audit engagement – hire the CPA by November to secure calendar slots.
• One‑signature checks – require two signatures or board approval for payments over a set threshold.
• Unreadable reports – provide owner‑friendly summaries with graphics alongside GAAP statements.

8. Frequently asked questions

What if my HOA has fewer than ten units?  Chapter 720 makes no size exceptions. Small associations still owe owners the same package, but a compilation usually meets the engagement rule.

Can we email statements instead of printing?  Yes. Florida’s Electronic Records Act lets you distribute by email or secure portal as long as owners have consented to electronic notices.

Do we file anything with the Secretary of State?  No. Only your annual corporate registration and registered agent details are filed. Financials are circulated internally.

Can owners inspect supporting invoices?  Absolutely. Owners have a statutory right to inspect official records within ten business days of a written request.

What happens if we miss the 120‑day deadline?  Owners can file a petition for mandatory binding arbitration. The HOA may be ordered to pay attorney fees and produce records within an accelerated timeline.

9. Final takeaways for board members

• Statutory deadlines drive owner confidence – deliver financials by March 30.
• Engagement level depends on revenue – audit for $500k plus, review for mid‑size, compilation for small.
• Transparent reserves protect property values – disclose funding gaps openly.
• Monthly discipline equals cheaper audits – close books every month.
• Avoid shortcuts – penalties far outweigh the cost of proper reporting.

Your HOA’s financial statements are more than compliance paperwork. They are the operating manual for the community’s most valuable shared asset – its property. Treat them with the same care you would give your own household budget, and you will keep owners informed, property values strong, and lawyers at bay.