Does an HOA have to provide a year-end financial report?
By OurHOA · General information · Revised
The required report, preparation schedule, and delivery rules depend on the association’s jurisdiction and documents. Request the completed report for the specific fiscal year.
Identify the year and the document
Ask for the financial report covering the association’s most recently completed fiscal year, including any accountant’s report and accompanying notes. Confirm the fiscal year-end date; it may not be December 31. The upcoming budget describes a plan, while a year-end financial report describes the period that has ended. A tax return or current bank balance does not answer the same questions.
California has a specific review-and-delivery rule
For covered California associations with annual gross income over $75,000, section 5305 requires a financial-statement review unless stricter governing-document standards apply. The reviewed statement must be distributed to members within 120 days after fiscal year end. The delivery requirement matters: finishing a report and leaving it with the accountant is not the same as distributing it.
Florida separates preparation from member access
Under Florida Chapter 720, section 720.303(7) requires completion or a third-party contract within 90 days after year end, or the annual bylaws date. A copy or availability notice follows within 21 days of completion or receipt, with an outer 120-day limit or other bylaws date. Reporting levels depend on revenue, and 1,000 or more parcels triggers an audit regardless of revenue. Check the statute’s member-vote provisions and limits before assuming a lower level is permitted.
Read what the report actually covers
Check the period, accounting basis, operating and reserve amounts, and any notes or accountant’s conclusion. Ask for an explanation of unusual changes or amounts that differ from earlier board reports. A budget comparison may be provided separately from the formal statements. Request the specific supporting schedule you need rather than assuming every document is part of the required report.
Follow up through the applicable records process
If the report is missing, send a dated request identifying the year and ask whether it has been completed. Request an expected delivery date and the basis for any claimed exception. Keep the request and response. Available deadlines, enforcement routes, and remedies vary; verify the procedure for your association before assuming there is a universal response period or an agency that can order production.
Sources
These guides are general education for HOA boards and residents, not legal, tax, or financial advice. Rules vary by state and by your community's governing documents - check with a professional for your situation.