10-11620. Financial statements for
members
A. Except as provided in the articles of incorporation or bylaws of a corporation
organized primarily for religious purposes, a corporation on written demand from a member
shall furnish that member its latest annual financial statements that may be consolidated
or combined statements of the corporation and one or more of its subsidiaries or
affiliates, as appropriate, and that include a balance sheet as of the end of the fiscal
year and statement of operations for that year. If financial statements are prepared for
the corporation on the basis of generally accepted accounting principles, the annual
financial statements shall also be prepared on that basis.
B. If the annual financial statements are reported on by a certified public
accountant, that report shall accompany them. If not, the statements shall be
accompanied by a statement of the president or the person responsible for the
corporation's accounting records both:
1. Stating that person's reasonable belief whether the statements were prepared on
the basis of generally accepted accounting principles and, if not, describing the basis
of preparation.
2. Describing any respects in which the statements were not prepared on a basis of
accounting consistent with the statements prepared for the preceding year.
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