00 CS 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  AS 34.07.280(b) is repealed and reenacted to read:                                                     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.