Reso 2024-3630 - Laserfiche WebLink

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BILL: CS/SB 1178 Page 21 o Require associations to give unit owners a notice that a copy of the most recent financial report will be mailed or hand delivered to the unit owner, without charge, within 5 business days after receipt of a written request from the unit owner; Prohibit associations from reducing the required type of financial statement for consecutive years; Prohibit associations that invest funds pursuant to s. 718.111(16)(b), F.S., from reducing the required type of financial statement; and Require associations that invest funds pursuant to s. 718.111(16)(b), F.S., to prepare the required type of financial statement. Investing Reserves — Condominiums Present Situation Reserve Funds In addition to annual operating expenses, the budget must include reserve accounts for capital expenditures and deferred maintenance. 55 Commingling of Funds and Investing Section 718.111(14), F.S., requires all funds collected by an association to be maintained separately in the association's name. Operating funds and reserve funds must be accounted for separately, and a commingled account cannot, at any time, be less than the amount identified as reserve funds. However, reserve funds may be commingled with operating funds of the association for investment purposes only. Investment Advisers Investment advisers are defined as "any person who receives compensation, directly or indirectly, and engages for all or part of her or his time, directly or indirectly, or through publications or writings, in the business of advising others as to the value of securities or as to the advisability of investments in, purchasing of, or selling of securities, except a dealer whose performance of these services is solely incidental to the conduct of her or his business as a dealer and who receives no special compensation for such services."56 The term does not include: • Any licensed practicing attorney whose performance of such services is solely incidental to the practice of her or his profession; • Any licensed certified public accountant whose performance of such services is solely incidental to the practice of her or his profession; • Any bank authorized to do business in this state; • Any bank holding company as defined in the Bank Holding Company Act of 1956, as amended, authorized to do business in this state; standards and are intended to help provide investors with an overall picture of the operations of an organization. See Chron.com, Opinion Letters Vs. Management Letters in the Accounting Field, Sept. 21, 2020, available at: https://smallbusiness.chron.com/types-audit-opinion-letters-3787.htmi (last visited Jan. 13, 2024). ss Section 718. 112(2)(02., F.S. s6 Section 517.021(14)(a), F.S. 331