6.Expanded Definition of Official Records (720.303(4)) The official records of an association shall include the disclosure summary that the seller of a lot is required to provide to a prospective purchaser in connection with the sale of a lot. In addition, the official records of an association have been significantly expanded to include all written records of the association not specifically listed in the statute which relate to the operation of the association.

Effective October 1, 2004

7. Inspection and Copying of Official Records (720.303(5)) If the association has a photocopy machine available where the official records of the association are maintained, it must make copies for a lot owner if a request is made while inspecting the records, provided the request is no more than 25 pages. The association may charge up to 50 cents per page if the records are copied on the association’s copier. If no copy machine is available or the copy request is for more than 25 pages, it can be sent out for copying and the lot owner can be charged the actual cost of copying.

The following is specifically excluded from official records of the association:

- attorney-client privileged and attorney work-product privileged materials;

- information obtained in connection with the approval of the sale, lease or other transfer of a parcel;

- disciplinary, health, insurance and personnel records of the association’s employees; and

- medical records of parcel owners or community residents.

Effective October 1, 2004

8. Financial Reporting (720.303(7)) The statute has been changed to require associations to prepare their annual financial statements as follows:

- Associations with a total annual revenue of less than $100,000 must prepare a report of cash receipts and expenditures.

- Associations with a total annual revenue of $100,000 or more, but less than $200,000 must prepare a compiled financial statement.

- Associations with a total annual revenue of at least $200,000, but less than $400,000 must prepare a reviewed financial statement.

- Associations with a total annual revenue of $400,000 or more must prepare an audited financial statement.

The statute provides the parcel owners with the ability to vote for a higher or lower level of financial reporting and includes the right for an association to amend its budget or levy a special assessment to pay for a higher level of financial reporting.

Effective October 1, 2004

9. Recall of Directors (720.303(10)) Regardless of any provision to the contrary in the association’s governing documents, any member of the board or directors may be recalled and removed from office with or without cause by a majority of the total voting interests of the association. The vote to recall a board member or director may be by written agreement or written ballot without a meeting of the membership or by vote at a meeting of the membership.

The procedures for the acceptance of a recall by the remaining board members and the manner of filling vacancies on the board as a result of a recall are patterned after the Condominium Act, including mandatory binding arbitration if a recall is not accepted by the Board of Directors.

Effective October 1, 2004

10. Flags (720.304(2)) Under current law, a parcel owner may display one portable, removable United States flag in a respectful way regardless of any declaration rules or regulations dealing with flags or decorations. The 2004 amendment adds the right to display the official flag of the State of Florida instead of a United States Flag and provides the right to display certain Armed Services flags. On Armed Forces Day, Memorial Day, Flag Day, Independence Day and Veterans Day, any unit owner may display one portable removable official flag, no larger than 4½ feet by 6 feet, that represents the United States Army, Navy, Air Force, Marine Corps or Coast Guard.

Next

Back to Florida Legislation