Condo developer wears two hats [South Florida]

Condo developer wears two hats [South Florida]

Q: I am a condominium owner in a complex that has approximately 200 units, of which approximately half are rental units waiting to be bought. The owner of the property owns these units and calls all the shots. We have one meeting per year, which means nothing, since the owner controls everything. I would like to know if we are, under law, entitled to an outside audit. Also, where I can get copies of county or state regulations regarding condominiums?

A: First, read your documents to see if they require a type of year-end financial report. The condominium statute FS 718.111 requires the following: An association with total annual revenues of $100,000 or more, but less than $200,000, shall prepare compiled financial statements. An association with total annual revenues of at least $200,000, but less than $400,000, shall prepare reviewed financial statements. An association with total annual revenues of $400,000 or more shall prepare audited financial statements. A copy of the FS 718 can be found on the state’s website http://leg.state.fl.us/; follow the links to the statutes.