[§514B-150]  Association fiscal matters; audits, audited
financial statement.  (a)  The
association shall require an annual audit of the association financial accounts
and no less than one annual unannounced verification of the association's cash
balance by a public accountant; provided that if the association is comprised
of less than twenty units, the annual audit and the annual unannounced cash
balance verification may be waived by a majority vote of all unit owners taken
at an association meeting.



(b)  The
board shall make available a copy of the annual audit to each unit owner at
least thirty days prior to the annual meeting which follows the end of the
fiscal year.  The board shall not be required to submit a copy of the annual
audit report to an owner if the proxy form issued pursuant to section 514B‑123(d)
is not marked to indicate that the owner wishes to obtain a copy of the
report.  If the annual audit has not been completed by that date, the board
shall make available:



(1)  An unaudited
year end financial statement for the fiscal year to each unit owner at least
thirty days prior to the annual meeting; and



(2)  The annual
audit to all owners at the annual meeting, or as soon as the audit is
completed, but not later than six months after the annual meeting.



(c)  If the
association's fiscal year ends less than two months prior to the convening of
the annual meeting, the year-to-date unaudited financial statement may cover
the period from the beginning of the association's fiscal year to the end of the
month preceding the date on which notice of the annual meeting is mailed. [L
2004, c 164, pt of §2]