Florida Statutes § 718.111: Condo Official Records, Insurance and Financial Reports

Quick Answer

Fla. Stat. § 718.111 is the core "association" section of the Condominium Act. It makes officers and directors fiduciaries, requires an association to keep and open its official records (10 working days to respond to a written request), requires a website or app with posted documents for condominiums of 25 or more units, sets insurance duties, and sets financial reporting levels by revenue. The 25-unit website threshold took effect January 1, 2026 (it was 150 units before). The section was amended by ch. 2025-175 (HB 913) and, in 2026, by ch. 2026-14 and ch. 2026-168.

At a Glance

What the Law Says

Corporate form and fiduciary duty, (1)

• The association "must be a Florida corporation for profit or a Florida corporation not for profit." Officers and directors "have a fiduciary relationship to the unit owners."
• An officer, director or manager "may not solicit, offer to accept, or accept a kickback." A knowing violation is a third-degree felony, carries a civil penalty, and requires removal from office. Accepting items received in connection with trade fairs or education programs is not prohibited.
• A director present at a board meeting is presumed to have assented to an action unless the director votes against or abstains. Directors may not vote by proxy or secret ballot at board meetings (officers may be elected by secret ballot). Each member's vote or abstention must be recorded in the minutes.
• Under § 617.0830, as cited in paragraph (1)(d), an officer, director or agent must act in good faith, with the care an ordinarily prudent person would use, and in a manner reasonably believed to be in the interests of the association.
• A director or officer charged by information or indictment with listed crimes (such as forgery of a ballot, theft or embezzlement of association funds, or destruction of or refusal to allow inspection of official records in furtherance of a crime) must be removed from office.

Managers and contracts, (3)

• An association that contracts with a community association manager or management firm must ensure it holds the licenses required by part VIII of chapter 468. "All board members or officers ... have a duty to ensure that the community association manager or community association management firm is properly licensed before entering into a contract."
• If a manager or firm loses its license during the contract, the association may terminate by written notice, effective on the date the license was suspended or revoked.
• An association "may not hire an attorney who represents the management company of the association."
• A board member, manager or management company may not buy a unit at the association's lien foreclosure sale or take title by deed in lieu (except in a timeshare condominium).

Insurance, (11)

• "Every condominium association shall have adequate property insurance," regardless of what the declaration says. Coverage may be based on replacement cost "determined by an independent insurance appraisal or an update of a previous appraisal," and "must be determined at least once every 3 years, at minimum."
• Deductibles must be "consistent with industry standards and prevailing practice" and are set by the board at a board meeting held under § 718.112(2)(e).
• Property policies must cover the condominium property as originally installed (or like kind and quality) and alterations made under § 718.113(2), and exclude unit contents, floor, wall and ceiling coverings, fixtures, appliances and similar items that serve only the unit.
• Deductibles and damages over coverage are generally a common expense, but a unit owner is responsible for costs caused by that owner's or occupants' intentional conduct, negligence, or failure to follow the declaration or rules. An association may opt out of these allocation rules by a majority of the total voting interests.
• The association must carry insurance or fidelity bonding for everyone who controls or disburses its funds, covering the maximum funds in custody at one time.

Official records, (12)

• What counts: a list of 21 categories, including the recorded declaration, bylaws, articles, rules, minutes and recordings of meetings, the owner roster, insurance policies, contracts, accounting records (bank statements, ledgers, invoices, receipts), ballots and sign-in sheets, bids, building permits, board education certificates, affidavits required by chapter 718, and inspection reports including milestone inspection reports.
• How long: items 1 through 6 (developer documents, declaration, bylaws, articles, rules, minutes) are kept permanently. Bids for at least 1 year. Voting records for 1 year. Structural integrity reserve studies and inspection reports for at least 15 years. Other official records "within the state for at least 7 years." Video recordings are kept at least 1 year after the recording is posted, if approved minutes exist.
• Response time: records must be made available within 45 miles of the condominium or within its county "within 10 working days after receipt of a written request." Failure to provide them in that time "creates a rebuttable presumption that the association willfully failed to comply."
• Damages and fees: a denied owner is entitled to actual damages or minimum damages of $50 per calendar day for up to 10 days, beginning on the 11th working day after the written request. A prevailing party in an enforcement action may recover reasonable attorney fees from the person who knowingly denied access.
• Checklist: the association must give the requester, at the same time, "a checklist of all records made available" and identify any not made available. It must keep the checklist for 7 years. Delivering a checklist "creates a rebuttable presumption that the association has complied."
• Limits on requests: the association may not require an owner to state a reason, and must allow scanning or photographing by smartphone or other portable device at no charge. A renter may inspect only the declaration, bylaws and rules, and the inspection reports described in § 553.899 and § 718.301(4)(p).
• Not accessible to owners: attorney-client and work-product records; information obtained in approving a lease, sale or transfer; personnel and medical records; Social Security, driver license and credit card numbers and most personal contact information; and electronic security measures and association software.
• Criminal penalties: a director, board member, association member or manager who willfully, knowingly or intentionally violates the records-inspection paragraph commits a second-degree misdemeanor and must be removed from office. Willfully defacing or destroying required accounting records, with intent to harm, is a first-degree misdemeanor. Refusing to produce records to avoid detection of a crime is a third-degree felony.
• Turnover of records: an outgoing board or committee member must relinquish all official records and property to the incoming board within 5 days after the election.

Website or app, (12)(g)

• An association "managing a condominium with 25 or more units which does not contain timeshare units" must post digital copies of listed documents on its website or make them available through a downloadable mobile app. Unless a shorter period applies, a document must be posted within 30 days after the association receives or creates it.
• The site must be accessible through the Internet and include a protected area open only to unit owners and association employees. On written request, the association must give an owner a username and password.
• Required postings include the declaration, bylaws, articles and rules; approved board minutes for the preceding 12 months; video recordings of video-conference meetings for the preceding 12 months; a list of executory contracts and bids; the annual budget and proposed budget; the financial report; each director's certification; conflict-of-interest contracts; owner meeting notices (at least 14 days before) and documents to be voted on (at least 7 days before); board meeting notices; inspection reports; the most recent structural integrity reserve study; building permits; and affidavits.
• The association must redact protected personal information before posting. Failure to post required information "is not in and of itself sufficient to invalidate any action or decision" of the board.

Financial reporting, (13)

• Within 90 days after the end of the fiscal year (or on the date in the bylaws), the association must prepare, or contract for, a financial report. Within 21 days after the report is completed, but not later than 180 days after the fiscal year ends, it must deliver a copy to each owner, or a notice that a copy will be sent on request, with evidence of delivery by an affidavit of an officer or director.
• Level of report depends on total annual revenues: under $150,000, a report of cash receipts and expenditures; $150,000 to under $300,000, compiled financial statements; $300,000 to under $500,000, reviewed financial statements; $500,000 or more, audited financial statements.
• An association may step up a level without an owner vote. To step down, it needs approval by a majority vote of all the voting interests, before the end of the fiscal year, effective only for that year, and "may not prepare a financial report pursuant to this paragraph for consecutive fiscal years."

Funds, (14) to (16)

• Association funds must be kept in the association's name. Reserve funds may be commingled with operating funds for investment purposes only, and accounted for separately. A manager, agent, employee, officer or director may not commingle association funds with their own or another association's.
• An association and its officers, directors, employees and agents "may not use a debit card" issued in the association's name. Using one for an expense that is not a lawful obligation of the association is theft and requires removal from office.
• A board must use best efforts to make prudent investment decisions. Reserve funds may be placed in certificates of deposit or depository accounts at listed institutions without an owner vote.

What This Means in Practice

For boards

The records rules are the highest-exposure part of this section: a missed 10-working-day deadline creates a presumption of willful noncompliance, with minimum damages and fee shifting. Our reading: the checklist is the board's best documentation, because it creates a rebuttable presumption of compliance. The checklist must list anything not provided. The statute does not require a particular format.

Deadline math (our arithmetic, for illustration): a written request received on a Monday starts the 10 working days. The statute counts "working days," and does not define the term in the text we read. Confirm the counting method with counsel. For financial reports, a fiscal year ending December 31 gives a 90-day preparation target of March 31 (non-leap year) and an outer delivery limit of June 29.

For owners

Owners can request records without stating a purpose, can photograph them, and can expect a checklist. If the records are posted on the association's website or app, the association may satisfy the request by pointing the owner there. Renters have a narrower right.

What the law does not say

• It does not define "working days" in the text we read, or say whether a request can be delivered by email. It says "written request."
• It does not state a penalty for an association that misses the website posting deadline beyond the rule that failure to post does not invalidate board action. The Division's enforcement authority is in other sections (see § 718.501).
• The history line lists ch. 2025-175, ch. 2026-14 and ch. 2026-168. We did not compare the current text with the text before each of those acts, so we do not describe what each changed beyond what the bill record states.

Timeline

Related Florida Law

• § 718.112: bylaws, meetings, elections and budgets
• § 718.112(2)(f) and (g): reserves and the structural integrity reserve study
• § 553.899: milestone inspections
• Chapter 718: the Condominium Act
• § 720.303: HOA records, budgets and financial reporting
• HB 1021 (2024): condominium associations reform
• HB 913 (2025): reserves, SIRS and meetings
• Florida HOA law changes 2021 to 2025

Board Checklist

• Count your units. At 25 or more (no timeshare units), confirm a website or app is live with a protected owner area.
• Run the document list in § 718.111(12)(g)2. against the site and set a 30-day posting routine for new records.
• Adopt a written records-request procedure with a log, a response checklist, and a 10-working-day tracker.
• Confirm retention periods: permanent items, 7 years, 1-year bids and voting records, 15 years for structural reports.
• Get a replacement-cost appraisal or update at least every 3 years, and have the board set deductibles at a noticed board meeting.
• Confirm fidelity bond or crime coverage matches the maximum funds the association and its manager hold.
• Verify the manager's license before signing, and calendar the financial report: 90 days to prepare, 180 days outer limit for delivery.
• Retire any association debit cards and confirm no association funds are commingled with a manager's funds.

Frequently Asked Questions

How fast must a Florida condo association produce records?

Within 10 working days after receiving a written request. Missing that deadline creates a rebuttable presumption that the association willfully failed to comply.

What are the damages for not producing records?

Actual damages or minimum damages of $50 per calendar day for up to 10 days, starting on the 11th working day after the written request, plus attorney fees to a prevailing party in an enforcement action.

Does my condo need a website?

If the condominium has 25 or more units and no timeshare units, the association must post specified documents on a website or app. The threshold was 150 units before January 1, 2026.

What financial report does an association need?

It depends on total annual revenues: cash receipts and expenditures report under $150,000; compiled from $150,000 to under $300,000; reviewed from $300,000 to under $500,000; audited at $500,000 or more. Owners can approve a lower level for one year, not two years in a row.

How often must the replacement cost be updated for insurance?

The statute says replacement cost, when set by independent appraisal or an update of a prior appraisal, "must be determined at least once every 3 years, at minimum."

Can renters inspect association records?

Only the declaration, bylaws and rules, and the inspection reports described in § 553.899 and § 718.301(4)(p).

Can a board member or manager buy a unit at the association's foreclosure sale?

Not in a non-timeshare condominium. A board member, manager or management company may not buy a unit at a foreclosure sale resulting from the association's lien foreclosure or take title by deed in lieu.

Where This Comes From

We read the full text of § 718.111, including its history line, in the 2026 Florida Statutes at leg.state.fl.us. For the 25-unit effective date and the amendments, we read the Florida Senate bill summaries for HB 1021 (2024) and HB 913 (2025). We did not read the enrolled text of ch. 2026-14 or ch. 2026-168, Division rules, or any appellate decision on this section.

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Legal disclaimer: This article is general information, not legal advice. Laws change and associations differ. Confirm the current statute text and how it applies to your governing documents with a licensed Florida attorney before acting.