Florida Regulations 61B-40.003: Books and Financial Records; Fiscal Year
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(1) Maintenance of books and financial records. The books and financial records of every timeshare plan shall be maintained in sufficient detail to permit determination of the revenues and expenses attributable to separate component sites, condominiums, associations, categories of funds such as operating, reserve or property tax, and other revenue generating activities within a timeshare plan.
(2) Separate books and financial records required. Every managing entity shall maintain separate books and financial records as follows:
(a) If the common expenses of a component site are not common expenses of the multisite timeshare plan, the managing entity shall maintain books and financial records for such component site separately from the books and financial records of the multisite timeshare plan;
(b) The managing entity of a multicondominium timeshare plan shall maintain separate accounting records for the multicondominium association and for each condominium operated by the association. Multicondominium associations created prior to July 1, 2000, that do not create separate owership interests of the common surplus of the association for each unit, as provided in Sections 718.104(4)(h) and 718.110(12), F.S., shall not maintain separate fund balances for the association, and shall allocate all association revenues and expenses to each condominium operated by the association pursuant to the provisions of each condominium’s respective declaration;
(c) For timeshare plans engaged in activities that generate nonassessment revenues, the managing entity shall maintain accounting records in sufficient detail to permit the determination of the revenues and expenses of each such revenue generating activity.
(3) Fiscal year. Every timeshare plan shall establish a fiscal year and shall document the fiscal year in the books and records of the timeshare plan. Such fiscal year shall be the same as the budget year.
Specific Authority 718.501(1)(f), 721.03(2), 721.13(3)(d)3., 721.26(6) FS. Law Implemented 718.111(12)(a)11., 721.13(3)(c)1., (d) FS. History- New 2-5-96, Amended 12-18-01.
Terms Used In Florida Regulations 61B-40.003
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(a) If the common expenses of a component site are not common expenses of the multisite timeshare plan, the managing entity shall maintain books and financial records for such component site separately from the books and financial records of the multisite timeshare plan;
(b) The managing entity of a multicondominium timeshare plan shall maintain separate accounting records for the multicondominium association and for each condominium operated by the association. Multicondominium associations created prior to July 1, 2000, that do not create separate owership interests of the common surplus of the association for each unit, as provided in Sections 718.104(4)(h) and 718.110(12), F.S., shall not maintain separate fund balances for the association, and shall allocate all association revenues and expenses to each condominium operated by the association pursuant to the provisions of each condominium’s respective declaration;
(c) For timeshare plans engaged in activities that generate nonassessment revenues, the managing entity shall maintain accounting records in sufficient detail to permit the determination of the revenues and expenses of each such revenue generating activity.
(3) Fiscal year. Every timeshare plan shall establish a fiscal year and shall document the fiscal year in the books and records of the timeshare plan. Such fiscal year shall be the same as the budget year.
Specific Authority 718.501(1)(f), 721.03(2), 721.13(3)(d)3., 721.26(6) FS. Law Implemented 718.111(12)(a)11., 721.13(3)(c)1., (d) FS. History- New 2-5-96, Amended 12-18-01.