Section 116B.220 - Preparation and contents of audited financial statements; qualifications of person performing audit1. The audited financial statement of an association must: (a) Be prepared in accordance with generally accepted accounting principles which includes, at a minimum: (1) A balance sheet for the operating fund and reserve fund, presenting assets, liabilities and fund balances;(2) A statement of revenues and expenses for the operating fund and reserve fund which presents information about all revenues and expenses;(3) A statement of changes in fund balances which reconciles beginning and ending fund balances with results of operations;(4) A statement of cash flows;(5) Any note disclosures as required by the standards followed pursuant to NAC 116B.160; and(6) The following unaudited supplementary information:(I) Any reserve disclosures as required by the standards followed pursuant to NAC 116B.160 and NRS 116B.605; and(II) An accompanying schedule which compares details of the actual operating and reserve revenues and expenses of the association to the budgeted amounts of the association.(b) Be prepared, completed and adopted not later than 210 days after the end of the fiscal year for the association.2. In addition to the requirements set forth in paragraph (b) of subsection 1, the executive board shall adopt the audited financial statement of an association at a meeting conducted pursuant to NRS 116B.525 not later than 100 days after receiving the initial draft of the audited financial statement.3. The person performing the annual audit for an association must: (a) Be a certified public accountant licensed pursuant to chapter 628 of NRS.(b) Be independent of the association as set forth in the standards followed pursuant to NAC 116B.160.Nev. Admin. Code § 116B.220
Added to NAC by Comm'n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011; A by R129-21A, eff. 12/29/2022NRS 116B.580, 116B.585, 116B.805