2015 Kentucky Revised Statutes CHAPTER 381 - TITLE TO PROPERTY AND RESTRICTIONS ON USE, OWNERSHIP, AND ALIENATION 381.9197 Association records -- Financial report.
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381.9197 Association records -- Financial report.
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The association shall keep financial records sufficiently detailed to enable the
association to comply with KRS 381.9203 and, except for the statement of cash
receipts and disbursements which shall be kept on a cash basis, all financial
statements shall be prepared in accordance with generally accepted accounting
principles. All financial and other records shall be made reasonably available for
examination by any unit owner and his or her authorized agents.
Not later than one hundred fifty (150) days after the end of the fiscal year, or
annually on a date provided in the declaration or bylaws, the association shall cause
to be prepared by an independent accountant or certified public accountant a
financial report for the preceding fiscal year. No later than thirty (30) days after the
financial report is prepared and received by the executive board, the association
shall make it available for examination by any unit owner and, upon request and
payment of a reasonable fee, shall provide a unit owner with a copy of the financial
report.
The type of financial report the association shall have prepared under this section
shall be determined as follows:
(a) An association with total annual revenues of less than one hundred thousand
dollars ($100,000) shall have prepared a financial statement of cash receipts
and disbursements that disclose all sources of income and expenses by
account and classification;
(b) An association with total annual revenues of at least one hundred thousand
dollars ($100,000) but less than two hundred fifty thousand dollars ($250,000)
shall have prepared a financial report under the standards of a compilation by
a certified public accountant;
(c) An association with total annual revenues of at least two hundred fifty
thousand dollars ($250,000) but less than five hundred thousand dollars
($500,000) shall have prepared a financial report under the standards of a
review by a certified public accountant; and
(d) An association with total annual revenues of five hundred thousand dollars
($500,000) or greater shall have prepared a financial report under the
standards of an audit by a certified public accountant.
The executive board of an association, in its sole discretion, may elect to have the
financial report required by this subsection prepared in accordance with a higher
standard of care than required for that association's annual revenue level.
Effective: April 11, 2012
History: Amended 2012 Ky. Acts ch. 99, sec. 8, effective April 11, 2012. -- Created
2010 Ky. Acts ch. 97, sec. 49, effective January 1, 2011.
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