Wis. Stat. § 703.20
Association records; inspection by unit owners; financial audits.
No plain-English summary yet for this section. Read the statutory text below or open the official source.
Statutory text
RECORD KEEPING. (a) Minutes and records of action; condominium documents. An association shall keep all of the following records: 1. Minutes of meetings of the association and of the board of directors of the association, which the association shall keep for at least 6 years. 2. Records of actions taken without a meeting by the unit owners on behalf of the association or by the board of directors of the association, which the association shall keep for at least 6 years. 3. The documents and information described under s. 703.33
to
that are adopted by the association, which the associa- tion shall keep as permanent records. (b) Financial records. Except as provided under par. (c), an association shall maintain appropriate financial records for at least 6 years, including all of the following: 1. Detailed, accurate records using standard bookkeeping procedures of the receipts and expenditures affecting the com- mon elements, specifying and itemizing the maintenance and re- pair expenses of the common elements and any other expenses incurred. 2. Annual budgets described under s. 703.161. 3. Financial statements. 4. Bank statements and account statements, including state- ments for reserve accounts, created within the past 6 years. 5. Income and expense statements. 6. Insurance policies issued within the past 6 years. 7. The most recent audit of the association’s financial records, if any. 8. Contracts entered into within the past 6 years and any bids for those contracts received within the past 3 years. 9. Invoices and expense records created within the past 6 years. (c) Exception; records of initial construction. An association is not required under par. (b) to maintain any financial records re- lated to the declarant’s initial construction of the common ele- ments during the period of declarant control under s. 703.15
(c) if the costs of the initial construction are not assessed against unit owners as common expenses and no contract related to the initial construction is made by or on behalf of the association. (1g) INSPECTION AND COPYING OF RECORDS BY UNIT OWN- ERS. (a) A unit owner may inspect and copy, at a reasonable time and location specified by the association, any of the records of the association described under sub.
created within the past 6 years and any records of the association described under sub.
(a) 3. and (b) 7. regardless of when those records were created. A unit owner may select the date for the inspection and copying by providing the association written notice of the selected date at least 10 business days before the selected date if the selected date is a business day or other day agreed to by the association. (b) Notwithstanding par. (a), an association is not required to allow a unit owner to inspect or copy any of the following records: 1. A record protected by the lawyer-client privilege, as de- scribed in s. 905.03, or a record that is the work product of the as- sociation’s attorney. 2. Personnel records of the association. 3. A record of a violation of the declaration, bylaws, or asso- ciation rules by a particular unit owner, other than the unit owner inspecting or copying the records. 4. A record of assessments levied against a particular unit owner, other than the unit owner inspecting or copying the records, or a record of the account status of a particular unit owner, other than the unit owner inspecting or copying the records. 5. A financial record described under sub.
(c). (c) Notwithstanding par. (a), an association may, before allow- ing a unit owner to inspect or copy records, redact account num- bers from the records described under sub.
(b) 3. and 4. (d) An association may impose a reasonable charge for copies of any records the association provides to a unit owner under par. (a). The association may charge the unit owner for the costs of la- bor and materials used to provide the copies but may not charge an amount that exceeds the estimated cost of production or repro- duction of the copies or $150, whichever is less. (1r) LARGE CONDOMINIUMS; INTERNET SITE FOR RECORDS INSPECTION. (a) In this subsection, “large association” means an association for a condominium with 100 or more units. (b) Beginning on April 1, 2023, a large association shall maintain an Internet site that satisfies all of the following criteria: 1. The site is any of the following: a. Wholly owned and operated by the large association. b. Operated by a 3rd-party provider with whom the large as- sociation owns, leases, rents, or otherwise obtains the right to op- erate a site dedicated to the large association’s activities and on which the large association may post notices, records, and documents. 2. The site is accessible through the Internet and includes a protected electronic location that is inaccessible to the general public and accessible only to unit owners and employees of the large association. (c) Beginning on April 1, 2023, a large association shall post on its Internet site described under par. (b) a current copy of all of the records that unit owners are entitled to inspect under sub. (1g) (a). (d) Upon a unit owner’s written request, a large association shall provide the unit owner with a username and password and access to the protected locations of the large association’s Inter- net site described under par. (b).
DECLARANT RESPONSIBILITIES FOR RECORDS; FINANCIAL AUDITS. During the period of declarant control under s. 703.15
(c), the declarant is responsible for creating and maintaining the records of the association described under sub.
and shall turn the records over to the directors elected under s. 703.15
(f). During the period of declarant control under s. 703.15
(c) and for one year thereafter, upon written request to the associa- tion by the lesser of 3 unit owners or the owners of 10 percent of the units, not including units owned by the declarant, the associa- tion shall arrange for an independent audit of the association’s fi- nancial records at the association’s expense. If unit owners re- quest an audit within 36 months after the completion of a previ- ous audit, the requesting unit owners shall pay the cost of the audit.
FINANCIAL AUDITS AFTER EXPIRATION OF DECLARANT CONTROL. Beginning one year after the expiration of any period of declarant control under s. 703.15
(c), upon written request to the association by a majority of unit owners, the association shall arrange for an independent audit of the association’s finan- cial records at the association’s expense. If unit owners request an audit within 36 months after the completion of a previous au- dit under this subsection or sub. (3), the requesting unit owners shall pay the cost of the audit.
APPLICABILITY. Sections 181.1601 to 181.1603 do not apply to an association that is a corporation, as defined in s. 181.0103 (5).
Synced from the Florida Legislature’s official site. Verify the current version before citing.
Community discussion
No discussions tagged with Wis. Stat. § 703.20 yet. Be the first to ask a question or share how your association handles this.
Sign up to discuss
Free account — read statutes without signing in; posting needs an account.
Discussing Association records; inspection by unit owners; financial audits.
Your governing documents
Statute pages break long law into searchable subsections. Upload your CC&Rs, bylaws, and rules for the same experience — private to your account.
- Find “budget” or “fines” in your docs
- Search docs and statutes side by side — no AI, same keyword index
- Share links to exact paragraphs with your board
Private to your account. PDF, Word, or paste — same section finder as statutes.
Free account
Save your place and go deeper
A free account unlocks bookmarks, PDF export, uploaded governing documents, and side-by-side search with Florida statutes.
- Bookmark statute sections you cite in meetings
- Upload CC&Rs and bylaws with the same section finder
- Ask questions in the Common Area forum
Common Elements is the always-on industry expo for community associations — vendor hall, professional community, and structured procurement, open 24/7. It complements the management and accounting software you already use; it does not replace it.
Reference only — not legal advice. Verify current text at the official state legislature website before citing. Printed from Common Elements (July 4, 2026).