Elevator Upgrades: The Phase II Firefighters’ Service upgrade does not have to be installed on elevators until the elevator is replaced or requires major modifications. The previous law required that these upgrades (which permit emergency service personnel to operate the elevator through a key) to be completed no later than July 1, 2015.

The bad news here is if you were on top of this and got the work done based on the prior law you already spent the money. Kind of a shame the state is again rewarding those that drag their feet.

Year-End Financial Reporting Requirements: The dollar thresholds at which certain year-end financial reporting requirements kick in have been raised. Associations with total annual revenues of less than $150,000 (previously $100,000) must prepare a report of cash receipts and expenditures. Compiled financial statements are required for associations with annual revenues between $150,000 and $300,000 (previously $100,000 to $200,000). Reviewed financial statements are required for associations with annual revenues of $300,000 to $500,000 (previously $200,000 to $400,000). Audited financial statements are required for associations with annual revenues of $500,000 or more (previously $400,000 or more).

Official Records: The new law requires the association to allow a member or his/her authorized representative to use a portable device, such as a smart phone, tablet, portable scanner or other technology capable of scanning or taking photographs to make copies of official records. The association may not charge for the member’s use of his or her own device.