Annual financial reporting
The association must prepare and complete a year-end financial report within 90 days after the fiscal year end (or the date in the bylaws). The report type is set by total annual revenue: under $150,000 = cash receipts and expenditures report; $150,000-$300,000 = compiled statements; $300,000-$500,000 = reviewed statements; $500,000+ = audited statements. The completed report must be distributed to unit owners within 21 days after it is completed, and no later than 180 days after fiscal year end.
What to keep on file
- Completed financial report
- CPA engagement letter (if compiled/reviewed/audited)
- Proof of distribution to owners with date
The exact date depends on your association's facts, such as your building age, unit count, and board dates. Run the free assessment to see when this is due for your board, with the proof to keep.
When to bring in a professional
Ask your CPA experienced with community associations: Given our total annual revenue, which report type do we owe and by what date?
General information, not legal advice. Confirm with association counsel.
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