CSHB 353(L&C): "An Act amending the requirement of an annual audit of the receipts and expenditures applicable to certain property managed under the Horizontal Property Regimes Act to one that permits the making of an audit, and providing, in place of the audit requirement, that condominium associations subject to that Act maintain their financial records to the standards for financial statements required by the Uniform Common Interest Ownership Act."
00CS FOR HOUSE BILL NO. 353(L&C) 01 "An Act amending the requirement of an annual audit of the receipts and 02 expenditures applicable to certain property managed under the Horizontal Property 03 Regimes Act to one that permits the making of an audit, and providing, in place 04 of the audit requirement, that condominium associations subject to that Act 05 maintain their financial records to the standards for financial statements required 06 by the Uniform Common Interest Ownership Act." 07 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 08 * Section 1. AS 34.07.280(b) is repealed and reenacted to read: 09 (b) The manager or board of directors of the association of apartment owners 10 shall keep the books and financial records in sufficient detail that, if the association 11 of apartment owners is subject to AS 34.08.490, the association can comply with the 12 requirements of AS 34.08.590(a)(6) or, if the association of apartment owners is not 13 subject to AS 34.08.490, the association manager or board of directors is able to 14 prepare and present an accurate balance sheet and an accurate income and expense
01 statement of the association. The manager or board of directors may provide for an 02 audit of the receipt and expenditure records of the association at intervals as the 03 manager or board may determine.