2005 Connecticut Code - Sec. 47-81. Accounting records. Audit.

      Sec. 47-81. Accounting records. Audit. (a) The declarant and the association shall maintain accounting records according to generally accepted accounting practices. Such records shall include: (1) A record of all receipts and expenditures; (2) an account for each unit which shall designate the name and address of each unit owner, the amount of each assessment, the dates on which the assessment comes due, the amounts paid on the account, and the balance due; (3) a record of the actual cost, irrespective of discounts and allowances, of the maintenance of the common elements; (4) an accurate account of the current balance in the reserve for replacement and for emergency repairs.

      (b) Records maintained by the declarant, by the association or by the manager shall be available for examination and copying by any unit owner, his duly authorized agents or attorneys, at the expense of the unit owner, during normal business hours and after reasonable notice.

      (c) From the date of the recording of the declaration until the declarant relinquishes control of the association pursuant to subsection (d) of section 47-74a he shall cause to have prepared a certified audit of the books of the condominium by a certified public accountant not less than once in every calendar year which shall be available for examination by the unit owners. Thereafter on the written petition of unit owners of not less than twenty-five per cent of the units then completed, a certified audit by an independent certified public accountant shall be made, but not more than once in any consecutive twelve-month period; provided the cost of the audit shall be a common expense.

      (1963, P.A. 605, S. 18; P.A. 76-308, S. 17, 36.)

      History: P.A. 76-308 required the declarant and the association of unit owners to maintain specified accounting records, provided for examination and copying of the records and provided for certified audits of the books.

      See Sec. 47-90c re effective date and applicability of chapter.