Preparation, contents and availability of interim financial statements

NAC 116B.320 Preparation, contents and availability of interim financial statements. ( NRS 116B.805 ) The interim financial statements of the hotel unit owner must be prepared in accordance with generally accepted accounting principles and must: 1. Include, at a minimum: (a) A balance sheet which includes operating and reserve funds and which contains the assets, liabilities and fund balances or members’ equity if a single-column format is used; (b) A statement of revenues and expenses for all operating and reserve activities which presents information regarding all revenue, including assessments, expenses, expenditures and reserve transfers; (c) A schedule: (1) Comparing the details of the actual operating revenues and expenses of the hotel unit with the operating budget for the hotel unit and shared components; and (2) Presenting the current year’s actual operating revenues and expenses on a comparative basis with the previous year; (d) A schedule comparing the details of the actual reserve revenues and expenses with the budget; and (e) Any changes in the fund balances, which must be presented on the statement of revenues and expenses if fund accounting is used. 2. Be prepared by, or the preparation of the interim financial statements must be supervised by, a person with accounting knowledge and experience in the preparation of financial statements. 3. Be made available for inspection at a reasonably convenient location within the condominium hotel or the project of which the condominium hotel is a part during regular working hours upon request by residential unit owners. (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011)