"Audited" Financial Annual Report

As with most else here, check the HOA documents to see what may be required, if anything. If the audit corresponds to the HOA's fiscal year, may be no reason to alter; your CPA might also have input. Most likely this is a Board decision (timing and whether to do at all). Note that there is a difference between a "compliation" and a "full audit"; a member of our Board, who is also a CPA, thinks a compliation is fine for most HOA's. I wouldn't let a few disgruntled members dictate policy, unless there is adequate reason to suspect foul play with the money. Budget recaps should be acceptable, if the audit is performed annually, and no issues have been noted to date.

Bob,

It sounds like your association is in compliance with the Statutes. As you may know, there are different levels of financial accountability required by the State Statutes, depending on your annual income and your statement seems to acknowledge that you also are in compliance. Below is the only answer that you need for the membership wanting a different date for the financials to be ready.

720;303

(7) FINANCIAL REPORTING.--Within 90 days after the end of the fiscal year, or annually on the date provided in the bylaws, the association shall prepare and complete, or contract with a third party 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, within the time limits set forth in subsection (5), provide each member with a copy of the annual financial report or a written notice that a copy of the financial report is available upon request at no charge to the member. Financial reports shall be prepared as follows

I agree with Don that the audited financial statement should be available for review at the annual meeting. However, in most docs, the date for the annual meeting is specified. If it is sooner than the fiscal year-end then to have the financial statement available would require one of two things to happen:

1) the fiscal year must be changed, or
2) the gov. docs. must be amended to change the date of the annual meeting.

I'm not sure what the easier process would be. Of course if the gov. docs don't specify when the annual meeting should take place, it would be very easy to change that date to correspond with the date when the audited f/s would be available.

Mary

Ask your CPA. I'm not sure, but it may require approval of the IRS.

Your first post said that "some members insist on an audited report."
That does not mean your documents require it. You do what you can do. I suggest that you propose to move the annual meeting to suit these folks. See how that goes over.

Ken, you are correct. What I am finding is that the auditor asks questions of board and they do not respond timely which just slows down the final doc. Other than a few tiny quirks there has been no difference in audited and CPA's year end.