State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_47F > GS_47F-3-118

§ 47F‑3‑118. Association records.

(a)        The associationshall keep financial records sufficiently detailed to enable the association tocomply with this Chapter. All financial and other records, including records ofmeetings of the association and executive board, shall be made reasonablyavailable for examination by any lot owner and the lot owner's authorizedagents as required in the bylaws and Chapter 55A of the General Statutes. Ifthe bylaws do not specify particular records to be maintained, the associationshall keep accurate records of all cash receipts and expenditures and allassets and liabilities. In addition to any specific information that isrequired by the bylaws to be assembled and reported to the lot owners atspecified times, the association shall make an annual income and expensestatement and balance sheet available to all lot owners at no charge and within75 days after the close of the fiscal year to which the information relates.Notwithstanding the bylaws, a more extensive compilation, review, or audit ofthe association's books and records for the current or immediately precedingfiscal year may be required by a vote of the majority of the executive board orby the affirmative vote of a majority of the lot owners present and voting inperson or by proxy at any annual meeting or any special meeting duly called forthat purpose.

(b)        The association,upon written request, shall furnish to a lot owner or the lot owner'sauthorized agents a statement setting forth the amount of unpaid assessmentsand other charges against a lot. The statement shall be furnished within 10business days after receipt of the request and is binding on the association,the executive board, and every lot owner.

(c)        In addition to thelimitations of Article 8 of Chapter 55A of the General Statutes, no financialpayments, including payments made in the form of goods and services, may bemade to any officer or member of the association's executive board or to abusiness, business associate, or relative of an officer or member of theexecutive board, except as expressly provided for in the bylaws or in paymentsfor services or expenses paid on behalf of the association which are approvedin advance by the executive board. (1998‑199, s. 1; 2005‑422, s. 7.)