718.111(13)d: Waiver of financial reports
This change allows the waiver of the financial reporting requirement to be effective for the followingfiscal year as well as the current one.
Additionally, any audit or review prepared under this section shall be paid for by the developer if doneprior to turnover of control of the association. An association may not waive the financial reportingrequirements of this section for more than three consecutive years.Based on a recent e‐mail between John W. Johnson, director of governmental affairs for the FICPA, andJonathon M. Peet, chief of compliance for the Division of Florida Condominiums, Timeshares and MobileHomes, “The Division will be taking the position that the law applies to waivers taken after the effectivedate of the law change. Therefore, financial reporting requirements may be waived for threeconsecutive fiscal year ends following Oct. 1, 2008.”