Kentucky SB233 amends financial reporting requirements for property owner associations.

Kentucky SB233 amends the Kentucky Revised Statutes to revise financial reporting requirements for property owner associations. The bill mandates that associations keep detailed financial records and prepare financial statements in accordance with generally accepted accounting principles. It specifies different standards for financial reports based on the association's annual revenue, ranging from a statement of cash receipts and disbursements to an audit by a certified public accountant. The bill also allows associations with fewer than 14 units to voluntarily adopt these standards.

Kentucky SB233 amends financial reporting requirements for property owner associations.

Kentucky SB233 amends the Kentucky Revised Statutes to revise financial reporting requirements for property owner associations. The bill mandates that associations keep detailed financial records and prepare financial statements in accordance with generally accepted accounting principles. It specifies different standards for financial reports based on the association's annual revenue, ranging from a statement of cash receipts and disbursements to an audit by a certified public accountant. The bill also allows associations with fewer than 14 units to voluntarily adopt these standards.