{"data":{"id":"us-ky/krs-381.794","jurisdiction":"us-ky","citation":"KRS 381.794","heading":"Financial records -- Financial report -- Standards for report.","body":"(1) An association shall keep financial records sufficiently detailed to enable the\nassociation to prepare financial statements in accordance with generally accepted\naccounting principles.\n(2) No later than one hundred eighty (180) days after the end of the fiscal year, or\nannually on a date provided in the declaration or bylaws, the association shall have\na financial report prepared for the preceding fiscal year. No later than thi rty (30)\ndays after the financial report is prepared and received by the board, the association\nshall make the financial report available electronically at no charge or provide a\npaper copy with payment of a reasonable fee to a lot owner.\n(3) The financial report shall be prepared in accordance with the following standards:\n(a) An association with total annual revenues of less than one hundred twenty -\nfive thousand dollars ($125,000) shall prepare a statement of cash receipts and\ndisbursements that discloses  all sources of income and expenses by account\nand classification;\n(b) An association with total annual revenues of at least one hundred twenty -five\nthousand dollars ($125,000) but less than three hundred thousand dollars\n($300,000) shall prepare a financi al report under the standards of a\ncompilation by an accounting professional;\n(c) An association with total annual revenues of at least three hundred thousand\ndollars ($300,000) but less than one million dollars ($1,000,000) shall prepare\na financial report under the standards of review, to be prepared by a certified\npublic accountant; and\n(d) An association with total annual revenues of one million dollars ($1,000,000)\nor greater shall have prepared a financial report under the standards of an\naudit prepared by a certified public accountant.\nAn association may elect to have the financial report required under this subsection\nprepared in accordance with a higher standard than required for the association's\nannual revenue level.","path":["KRS Chapter 381"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53665","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:11Z","sha256":"ba87b435693edccfe9384defda34a75b30e3de093137aaddcd69189a9d906781","source_id":"us-ky","stale":false,"prev":"us-ky/krs-381.793","next":"us-ky/krs-381.795"},"notice":"GroundRules: Original legal text. Not legal advice."}