ANNUAL FINANCIAL STATEMENT

Review of Statement. Unless the governing documents impose more stringent standards, associations must prepare and distribute a review of the association's financial statement in accordance with generally accepted accounting principles (GAAP) by a licensee of the California State Board of Accountancy (a CPA) for any fiscal year in which the gross income to the association exceeds $75,000. Civil Code §1365(c)

Distribution of Reviewed Statement. A copy of the reviewed financial statement shall be distributed within 120 days after the close of each fiscal year. Civil Code §1365(c)

License Verification. To verify a CPA's license, go to California's Board of Accountancy.

Service Directory. To find CPAs who specialize in homeowner associations, see "Accounting" in our Service Directory.

Updated by ADAMS KESSLER 8/9/2008