On Jan. 25, the House Civil Justice Committee adopted nine amendments to House Bill 391 by Rep. Carl Domino, R-Palm Beach Gardens, relating to community associations. Four of the amendments were proposed by the FICPA Common Interest Realty Association (CIRA) Section. The amendments propose changes to Chapter 720, F. S. relating to homeowners associations. They accomplish the following:

• Give oversight to the Florida Board of Accountancy to govern the manner in which financial statements are prepared

• Require that homeowners associations’ budgets include reserve accounts for capital expenditures and deferred maintenance

• Require a turnover-audit of financial records, including association financial statements and source documents from the time of an association’s incorporation through the developer-turnover date

• Provide for the guarantee of common expenses

Click here to view House Bill 391.
Click here to view Amendment One.
Click here to view Amendment Two.
Click here to view Amendment Three.
Click here to view Amendment Four.