Florida Statutes 720.303: HOA Records, Budgets, Financial Reports and Meetings

Quick Answer

Section 720.303 of the Florida Statutes is the main operating rule for homeowners' associations. It sets open board meetings and notice, official records and owner inspection rights, budgets and reserves, annual financial reports, recall of directors, and a handful of prohibitions (director pay, debit cards). Associations with 100 or more parcels had to post specified documents on a website or app by January 1, 2025, and financial reports step up from a cash report to compiled, reviewed or audited statements as revenue rises.

At a Glance

What the Law Says

Powers and duties, subsection (1)

The association must be a Florida corporation. Officers and directors are subject to section 617.0830 and "have a fiduciary relationship to the members." Before suing for more than $100,000, the association "must obtain the affirmative approval of a majority of the voting interests at a meeting of the membership at which a quorum has been attained." An association of 15 or fewer parcel owners may enforce only deed restrictions established before each parcel was purchased.

Board meetings, subsection (2)

• Directors may use email to communicate but "may not cast a vote on an association matter via e-mail." Meetings are open to all members except attorney meetings about proposed or pending litigation and personnel matters. The open-meeting rules also reach committees making final decisions on spending association funds and bodies that approve or disapprove architectural decisions on a specific parcel.
• Members may speak on designated agenda items. Notice must identify agenda items and be posted conspicuously at least 48 hours ahead (or mailed or delivered at least 7 days ahead), except in an emergency.
• Notice for meetings to consider special assessments or rule amendments on parcel use must go to members and be posted not less than 14 days before the meeting. Assessments cannot be levied at a board meeting unless the notice says assessments will be considered and describes their nature.
• Directors may not vote by proxy or secret ballot, except secret ballots in electing officers.
• If 20 percent of total voting interests petition for an agenda item, the board must take it up at its next regular or a special meeting, no later than 60 days after receipt.
• The association may adopt a rule to post notices and agendas on its website or app, with an emailed notice and hyperlink to members who have given email addresses. Minutes must record each director's vote or abstention.

Official records and website, subsection (4)

Records are kept at least 7 years (bids received, 1 year; ballots, sign-in sheets, proxies and other voting papers, 1 year after the election, vote or meeting). The list includes governing documents, rules, minutes, the member roster, insurance policies, contracts, financial and accounting records, and member account statements.

"By January 1, 2025, an association that has 100 or more parcels shall post" on its website or a mobile app: articles, recorded bylaws, declaration, current rules, a list of executory contracts and bids received in the past year, the annual budget and proposed budget, the financial report, insurance policies, each director's certification under section 720.3033(1)(a), contracts with directors or officers, conflict-of-interest documents, member meeting notices and agendas (at least 14 days ahead) and documents to be voted on (at least 7 days ahead), and board meeting notices and agendas. The site must have a protected area for owners and employees, an owner can request a username and password, and protected information must be redacted.

Inspection and copying, subsection (5)

• Records must be available within 10 business days after a written request. Failure to provide access after a request sent by certified mail, return receipt requested, "creates a rebuttable presumption that the association willfully failed to comply."
• A member denied access is entitled to actual or minimum damages: "$50 per calendar day up to 10 days," starting on the 11th business day.
• The association may not require a proper purpose or a reason, and may not limit inspection to less than one 8-hour business day per month. Members may use a phone or scanner to copy at no charge.
• Copy charges: up to 25 cents per page on the association's machine; personnel costs only if retrieval and copying exceed one-half hour, at no more than $20 per hour, and none for 25 or fewer pages.
• Not accessible to members: privileged and work-product records, lease and sale approval information, gated-community guest visit information, personnel records, medical records, Social Security and similar personal identifiers, security measures and passwords, software, and affirmative acknowledgments under section 720.3085(3)(c)3.
• A fee of up to $150 plus copying and attorney costs may be charged for good faith responses to purchaser or lienholder information requests. A law enforcement subpoena for records must be answered within 5 business days.
• Criminal provisions: a second degree misdemeanor for a director, member of the board or manager who "knowingly, willfully, and repeatedly" violates paragraph (5)(a) with intent to cause harm (two or more violations within 12 months); a first degree misdemeanor for knowingly destroying or failing to create required accounting records with intent to harm; a third degree felony for refusing to release records to avoid or escape detection of a crime.

Budgets, subsection (6)

The association prepares an annual budget of operating expenses showing estimated revenues, expenses and surplus or deficit, and gives each member a copy or notice that a copy is available at no charge. Reserves are optional: "An association is deemed to have provided for reserve accounts upon the affirmative approval of a majority of the total voting interests." Once reserves exist, members may waive or reduce them by a majority vote at a meeting with a quorum, applicable only to one budget year. Reserve funds may be used for other purposes only with advance majority approval. Budgets without fully funded reserves require a conspicuous statement in the financial report. A developer in control may, but need not, include reserves; this applies to associations existing or created on or after July 1, 2021.

Financial reporting, subsection (7)

Within 90 days after fiscal year end the association prepares a report; within 21 days after completion, and not later than 120 days after year end, it provides each member a copy or a notice that one is available at no charge.

If 20 percent of parcel owners petition for a higher level, the association must hold a member meeting within 30 days to vote; if a majority of total voting interests approve, it must produce the higher report. Members present at a meeting may approve a lower level by majority, but not for consecutive fiscal years.

Other subsections

• Funds, (8): owner deposits (for example for construction) must be kept separately; the member may request an accounting, due within 7 days, and unused funds returned within 30 days after notice that the project is complete.
• Recall, (10): any director may be recalled "with or without cause by a majority of the total voting interests," by written agreement or ballot, or by meeting vote if the governing documents so provide. The board must meet within 5 full business days; the division or a court may not accept a recall petition when 60 or fewer days remain until the director's scheduled reelection (paragraph (10)(l) has a related limit after an election).
• Compensation, (12): directors, officers and committee members may not receive salary or compensation, with listed exceptions such as out-of-pocket reimbursement and fees authorized in the documents or by member vote.
• Debit cards, (13): the association and its officers, directors, employees and agents may not use a debit card issued in the association's name; misuse for an expense that is not a lawful obligation is theft.
• Accounting request, (14): a written request for a detailed accounting of amounts owed must be answered within 15 business days; failure waives "any outstanding fines" more than 30 days past due for which no prior written notice was given. An owner may request one every 90 days.
• Rules and covenants, (15): copies had to go to every member before October 1, 2024; new members get a copy; amendments require updated copies. A homepage link can satisfy this with notice to members.

What This Means in Practice

For boards

Three dates matter. Meeting notice runs 48 hours (posted) or 7 days (mailed), but 14 days when a special assessment or a parcel-use rule change is on the agenda. Records requests run 10 business days. Financial reports run 90 days to prepare and no later than 120 days after year end to deliver. The revenue and parcel count in the table above decide the report level; check it every year.

The website duty is a parcel count test: 100 or more parcels. Do not confuse it with the condominium website rule in chapter 718, which has a different unit threshold (the Senate's summary of 2024 House Bill 1021 describes a drop from 150 to 25 units effective January 1, 2026 for condominiums).

For owners

You do not have to give a reason to inspect records, and you may photograph or scan them for free. Send requests by certified mail, return receipt requested, to get the willfulness presumption. If the board ignores a written accounting request for 15 business days, certain old fines are waived.

Open questions (our reading)

• The statute does not say how revenue is measured for the compiled, reviewed and audited thresholds (for example, assessments only or all income). Confirm with the association's accountant.
• The statute ties the reporting deadlines to the fiscal year end "or other date as provided in the bylaws." If your bylaws set a different date, confirm with counsel which date controls.
• Whether the website list is satisfied by a link to a third-party portal is not addressed. The text only requires a website or an app accessible through the Internet with a protected area.

Timeline

Related Florida Law

• Florida chapter 720 overview
• Section 720.305: fines and suspensions.
• Section 720.3085: assessment liens and notices.
• Section 720.306: member meetings and elections.
• Section 720.3033: director certification.
• 2024 rules and covenants bill page
• Florida HOA laws complete guide

Board Checklist

• Confirm the association is operated as a Florida corporation and that minutes record each director's vote or abstention.
• Post board meeting notices with agenda items at least 48 hours ahead; use 14 days for special assessments or parcel-use rule changes.
• Keep official records for at least 7 years, and bids and voting papers for the shorter periods stated.
• If the association has 100 or more parcels, verify the website or app contains each item on the statutory list and a protected owner area.
• Answer records requests within 10 business days and adopt written inspection rules.
• Check last year's revenue and parcel count against the financial reporting table.
• Deliver the financial report or notice no later than 120 days after year end.
• Stop any use of association debit cards; avoid director compensation outside the listed exceptions.

Frequently Asked Questions

How fast must a Florida HOA respond to a records request?

Within 10 business days after a written request. If the request was sent by certified mail, return receipt requested, a miss creates a rebuttable presumption of willful noncompliance, and damages of $50 per calendar day up to 10 days can apply.

Does my HOA need a website?

If it has 100 or more parcels, yes: by January 1, 2025 it had to post the listed documents on a website or app. Smaller associations are not covered by that paragraph.

Do owners have to explain why they want to see records?

No. The association may not require a parcel owner to demonstrate any proper purpose or state any reason for the inspection.

What kind of financial report does my HOA need?

It depends on annual revenue: cash receipts report under $150,000; compiled from $150,000; reviewed from $300,000; audited from $500,000 or at 1,000 parcels. Members can vote to change the level.

Are HOA reserves mandatory?

No. Reserves are established by a majority vote of total voting interests, and once established they can be waived or reduced by majority vote for one budget year. The financial report must carry a statement when reserves are not fully funded.

Can the board vote by email?

No. Directors may use email to communicate but may not cast a vote on an association matter by email, and may not vote by proxy.

Can owners remove a director?

Yes. A majority of the total voting interests can recall a director with or without cause, by written agreement or ballot or at a meeting if the documents allow.

Can the HOA pay its directors?

Not salaries or compensation, subject to exceptions such as reimbursement of out-of-pocket expenses and fees authorized by the governing documents or by member vote.

Where This Comes From

We read the full text and history line of section 720.303 in the 2026 Florida Statutes (section 720.303), the Florida Senate's summary of 2021 Senate Bill 630, and its summary of 2024 House Bill 1021 for the condominium comparison. Quotations are from the statute text.

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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.