{"data":{"id":"us-ky/krs-381.9197","jurisdiction":"us-ky","citation":"KRS 381.9197","heading":"Association records -- Financial report.","body":"(1) The association shall keep financial records sufficiently detailed to enable the\nassociation to comply with KRS 381.9203 and, except for the statement of cash\nreceipts and disbursements which shall be kept on a cash basis, all financial\nstatements shall be  prepared in accordance with generally accepted accounting\nprinciples. All financial and other records shall be made reasonably available for\nexamination by any unit owner and his or her authorized agents.\n(2) Not later than one hundred fifty (150) days af ter the end of the fiscal year, or\nannually on a date provided in the declaration or bylaws, the association shall cause\nto be prepared by an independent accountant or certified public accountant a\nfinancial report for the preceding fiscal year. No later t han thirty (30) days after the\nfinancial report is prepared and received by the executive board, the association\nshall make it available for examination by any unit owner and, upon request and\npayment of a reasonable fee, shall provide a unit owner with a copy of the financial\nreport.\n(3) The type of financial report the association shall have prepared under this section\nshall be determined as follows:\n(a) An association with total annual revenues of less than one hundred thousand\ndollars ($100,000) shall h ave prepared a financial statement of cash receipts\nand disbursements that disclose all sources of income and expenses by\naccount and classification;\n(b) An association with total annual revenues of at least one hundred thousand\ndollars ($100,000) but less than two hundred fifty thousand dollars ($250,000)\nshall have prepared a financial report under the standards of a compilation by\na certified public accountant;\n(c) An association with total annual revenues of at least two hundred fifty\nthousand dollars ( $250,000) but less than five hundred thousand dollars\n($500,000) shall have prepared a financial report under the standards of a\nreview by a certified public accountant; and\n(d) An association with total annual revenues of five hundred thousand dollars\n($500,000) or greater shall have prepared a financial report under the\nstandards of an audit by a certified public accountant.\nThe executive board of an association, in its sole discretion, may elect to have the\nfinancial report required by this subsection p repared in accordance with a higher\nstandard of care than required for that association's annual revenue level.","path":["KRS Chapter 381"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=40015","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:12Z","sha256":"4c8e40382bd867cfc9e0f622de0ed4984b8f26fd29365a8be613498baa9d97f6","source_id":"us-ky","stale":false,"prev":"us-ky/krs-381.9195","next":"us-ky/krs-381.9199"},"notice":"GroundRules: Original legal text. Not legal advice."}