Florida Community Association Manager Practice Exam

When is the annual fee due to the Division of Florida Condominiums?

1. April 1st

2. July 1st

3. September 1st

4. January 1st

The correct answer is: January 1st

The annual fee to the Division of Florida Condominiums is due on January 1st of each year. This timing is important for community associations as it aligns with the fiscal year and the necessary financial planning for operating budgets. By setting the due date on January 1st, it provides associations ample time to prepare their financial reports and ensure that they are in compliance with statutory requirements. This due date is also significant because it allows the Division to effectively manage the annual filings and assessments for all registered condominium associations in Florida. Timely payment of this fee is essential for maintaining a good standing with the Division, which in turn is important for the association's operation and governance. Understanding this timeline can aid community association managers in reminding their boards and preparing their financial obligations accordingly.