Code Section

Civil Code - CIV

DIVISION 4. GENERAL PROVISIONS [3274 - 9566]

  ( Heading of Division 4 amended by Stats. 1988, Ch. 160, Sec. 16. )
  

PART 5. Common Interest Developments [4000 - 6150]

  ( Part 5 added by Stats. 2012, Ch. 180, Sec. 2. )
  

CHAPTER 6. Association Governance [4800 - 5405]

  ( Chapter 6 added by Stats. 2012, Ch. 180, Sec. 2. )
  

ARTICLE 7. Annual Reports [5300 - 5320]
  ( Article 7 added by Stats. 2012, Ch. 180, Sec. 2. )

  
5305.  

Unless the governing documents impose more stringent standards, a review of the financial statement of the association shall be prepared in accordance with generally accepted accounting principles by a licensee of the California Board of Accountancy for any fiscal year in which the gross income to the association exceeds seventy-five thousand dollars ($75,000). A copy of the review of the financial statement shall be distributed to the members within 120 days after the close of each fiscal year, by individual delivery pursuant to Section 4040.

(Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)