Florida Community Association Manager Practice Exam

What documentation is a condo or coop required to provide at turnover?

1. A financial report

2. A structural safety report

3. An audit

4. A renovation plan

The correct answer is: An audit

At turnover, a condominium or cooperative association is required to provide an audit as part of the documentation. This audit serves to ensure transparency and accountability in the financial dealings of the association. It helps the new board of directors and unit owners assess the financial health of the association and understand past expenditures, revenues, and any existing liabilities. This comprehensive financial overview is essential for making informed decisions moving forward, especially when it comes to budgeting, funding reserves, and addressing any financial issues that may arise. Other types of documents, while important, are not specifically mandated at turnover. For instance, while a financial report may be useful for understanding the financial condition, it does not provide the same level of thorough examination as an audit. Similarly, a structural safety report and a renovation plan address specific aspects of safety and future improvements but do not directly pertain to the financial responsibility and history that an audit encompasses.