That they promised the certified financials (that are over 1 year late) before the 15% increase .
I will not pay the increase until I see the certified financials.
When will we get them?
Posted by Michael Bencivenga
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I was not present when Frank made his statement. As I understood it Frank said he would give the same statement as last year. This was no more than a quicken check register. I would like to quote Florida Statute 718
ReplyDelete13) FINANCIAL REPORTING.--Within 90 days after the end of the fiscal year, or annually on a date provided in the bylaws, the association shall prepare and complete, or contract for the preparation and completion of, a financial report for the preceding fiscal year. Within 21 days after the final financial report is completed by the association or received from the third party, but not later than 120 days after the end of the fiscal year or other date as provided in the bylaws, the association shall mail to each unit owner at the address last furnished to the association by the unit owner, or hand deliver to each unit owner, a copy of the financial report or a notice that a copy of the financial report will be mailed or hand delivered to the unit owner, without charge, upon receipt of a written request from the unit owner. The division shall adopt rules setting forth uniform accounting principles and standards to be used by all associations and shall adopt rules addressing financial reporting requirements for multicondominium associations. The rules shall include, but not be limited to, uniform accounting principles and standards for stating the disclosure of at least a summary of the reserves, including information as to whether such reserves are being funded at a level sufficient to prevent the need for a special assessment and, if not, the amount of assessments necessary to bring the reserves up to the level necessary to avoid a special assessment. The person preparing the financial reports shall be entitled to rely on an inspection report prepared for or provided to the association to meet the fiscal and fiduciary standards of this chapter. In adopting such rules, the division shall consider the number of members and annual revenues of an association. Financial reports shall be prepared as follows:
(a) An association that meets the criteria of this paragraph shall prepare or cause to be prepared a complete set of financial statements in accordance with generally accepted accounting principles. The financial statements shall be based upon the association's total annual revenues, as follows:
1. An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements.
2. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements.
3. An association with total annual revenues of $400,000 or more shall prepare audited financial statements.
Our revenues are more than 400,000 we are entitled to audited revenues. I would like to see complaints filed with your state assembleyman, your congressman,anyone else who we vote for, and especially the florida DBPR. I have filed mine but there is strength in numbers. If I can help anyone with contact information please contact me @ djm.gfg@gmail.com
I filed my complaint with the DBPR too. Please Mr. Benecivenga and others - follow suit and put your complaints in writing to the DBPR. OM blog is a great source to vent and share information. However, we need our concerns put into writing to a source that can help our situation. We can accomplish this if we take the time to put our complaints in writing to DBPR at the very least. You can access the DBPR complaint form right on line and either mail it or fax it. It doesn't get any easier than that. Again, Donnie thank you for all your useful information.
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