Florida SS 720 effective date

Florida state statute 720.303(7) which was effective 10/1/2004 requires specific financial reports at the end of the fiscal year. My association did not comply with the requirement for the year ending 3/31/2005. When I asked why the reports were not done I was told that the association did not have to prepare the reports as specified because the statute was not in effect at the beginning of the fiscal year,ie 4/1/2004. Does anyone know the law on this?

Roger, thanks for the input. The issue is about the reports required by state statute. A limited year end finiancial report was prepared by the association. The statute specifies that audited finiancial statements be prepared (a new requirement taking effect 10/1/04). This was not done for the fiscal year ending 4/1/05.

JackJ, Thanks for the input. I am trying to determine if the Florida statute which was effective 10/1/04 applies to a fiscal year that began before 10/1/04. ie: fiscal year 4/1/04 thru 3/31/05.