California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 5 — Common Interest Developments, Chapter 6 — Association Governance, Article 7 — Annual Reports, Section 5305
Unless the governing documents impose more stringent standards, a review of the financial statement of the association shall be prepared in accordance with generally accepted accounting principles by a licensee of the California Board of Accountancy for any fiscal year in which the gross income to the association exceeds seventy-five thousand dollars ($75,000). A copy of the review of the financial statement shall be distributed to the members within 120 days after the close of each fiscal year, by individual delivery pursuant to Section 4040.
Notes
Requires a California Board of Accountancy licensee to prepare a generally accepted accounting principles review of an association's financial statement for any fiscal year in which gross income exceeds $75,000, unless governing documents impose stricter standards. The association must distribute the review to members by individual delivery within 120 days after that fiscal year closes.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 5305 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-5/chapter-6/article-7/section-5305