FAQ
Frequently Asked Questions
Short answers to the questions boards and managers ask most often. Each one links to a page with the full detail.
Reviewed as of
Reports and requirements
Which annual financial report does our association need?
Florida sets the minimum report by the association's total annual revenues. Depending on revenue, the minimum ranges from compiled to audited financial statements. An HOA with 1,000 or more parcels must be audited regardless of revenue, and your governing documents may require more. For the details, see Florida reporting requirements.
What is the difference between an audit, a review, and a compilation?
The level of assurance. An audit provides reasonable assurance and an opinion on the financial statements. A review provides limited assurance, based mainly on inquiry and analytical procedures. A compilation provides no assurance. See audit vs. review vs. compilation.
Can owners vote to use a lower level of report?
Yes, within limits. The required vote differs between condominiums and HOAs, and neither may use a lower level for consecutive fiscal years. Owners cannot vote to skip the annual report entirely. See changing the level of the report.
When must the report be delivered to owners?
The report must be completed within 90 days after fiscal year-end, or on the date in the bylaws, and delivered within 21 days after that. The outer limit is 180 days after year-end for a condominium and 120 days for an HOA. See Florida reporting deadlines.
Does an audit replace a reserve study or a SIRS?
No. Financial statements report reserve balances and activity. Reserve studies, structural integrity reserve studies, and milestone inspections are performed by engineers and other qualified professionals. See reserve accounting and reporting.
Working with us
How do we request a proposal?
Use the Request a Proposal form and share the association's type, number of units or parcels, fiscal year-end, and approximate annual revenue. We will confirm the required level of report and the scope of the engagement.
How much does an audit, review, or compilation cost?
Proposals are based on the association's size, its records, and the service requested. Share those details when you request a proposal.
What does the board sign?
On behalf of the association, the board signs the engagement letter at the start. In audits and reviews, the board also signs the management representation letter before the report is issued. A member of the board signs the tax return. See guidance for association boards.
Do you work with community association managers and management companies?
Yes. Managers usually gather the records and answer questions during the engagement, while the board remains responsible for the financial statements. See working with managers.
Which parts of Florida do you serve?
We serve condominium and homeowners associations throughout Florida. See areas we serve.
Tax
Does our association need to file a federal income tax return?
Yes. A return is filed for each tax year, and associations normally file Form 1120-H. See Form 1120-H for associations.
Why does the tax return come after the financial statements?
The return is based on the year-end figures in the financial statements, so it follows them. See association tax preparation.
Records
What records should we gather before the engagement?
The core records are bank statements and reconciliations, the general ledger, the owner ledger, minutes, contracts, insurance policies, and the reserve schedule. The documents and records checklist has the full list and how to prepare.
How do we send documents to you?
Once the association is engaged, records are exchanged through our secure Feldman One client portal. Never send financial documents through the website form.
Have a question not answered here?
Tell us about your association when you request a proposal, or call or email us using the details below.
Sources
Primary sources, reviewed as of November 6, 2026. Laws change; confirm the current text before acting.
- Section 718.111, Florida Statutes (2026) — Condominium association records and financial reportingFlorida Legislature, Online Sunshine
- Section 720.303, Florida Statutes (2026) — HOA records, reserves, and financial reportingFlorida Legislature, Online Sunshine
- Instructions for Form 1120-HInternal Revenue Service
Request a proposal for your association
Tell us about your association, its fiscal year-end, and the report you need. We will review your information and follow up to discuss scope and next steps.
Prefer to talk first?
We work with associations throughout Florida.