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Florida Administrative Code (Last Updated: September 2, 2024) |
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61. Department of Business and Professional Regulation |
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61B. Division of Florida Condominiums, Timeshares and Mobile Homes |
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61B-22. Financial And Accounting Requirements; Budgets, Reserves, And Guarantees |
1For the purposes of this chapter the following definitions shall apply:
12(1) “Accounting records” include all of the books and records identified in Section 25718.111(12)(a)11., 26Florida Statutes, and any other records that identify, measure, record, or communicate financial information whether the records are maintained electronically or otherwise, including, all payroll and personnel records of the association, all invoices for purchases made by the association, and all invoices for services provided to the association.
74(2) “Capital expenditure” means any expenditure of funds for:
83(a) The purchase of an asset whose useful life is greater than one year in length;
99(b) The replacement of an asset whose useful life is greater than one year in length; or
116(c) The addition to an asset that extends the useful life of the previously existing asset for a period greater than one year in length.
141(3) “Deferred maintenance” means any maintenance or repair that:
150(a) Will be performed less frequently than yearly; and
159(b) Will result in maintaining the useful life of an asset.
170(4) “Funds” means money and negotiable instruments including, for example, cash, checks, notes, and securities.
185(5) “Reserves” means any funds, other than operating funds, that are restricted for deferred maintenance and capital expenditures, including the items required by Section 209718.112(2)(f)2., 210Florida Statutes, and any other funds restricted as to use by the condominium documents or the condominium association. Funds that are not restricted as to use by Section 238718.112(2)(f), 239Florida Statutes, the condominium documents or by the association shall not be considered reserves within the meaning of this rule.
259(6) “Turnover” means transfer of association control from developers to non-developer unit owners pursuant to Section 275718.301, 276Florida Statutes.
278Specific Authority 280718.501(1)(f) FS. 282Law Implemented 284718.111(12), 285718.112(2)(f), 286718.301, 287718.501 FS. 289History–New 7-11-93, Formerly 7D-22.001, Amended 12-20-95, 12-23-02.
