Preparation, contents and distribution of interim financial statements

NAC 116.451 Preparation, contents and distribution of interim financial statements. ( NRS 116.31142 , 116.615 ) The interim financial statements of an association may be prepared using fund accounting or a single-column presentation and must: 1. Present a balance sheet that reflects the operating funds, reserve funds for future repairs and replacements and any other funds of the association. 2. List the assets, liabilities and fund balances or members’ equity if a single-column format is used. 3. Include, at a minimum, a month-to-date and year-to-date presentation of: (a) The statement of revenues and expenses for all operating, reserve and other activities, presenting information about all assessments, revenues and expenses; (b) A schedule comparing the details of the actual expenses of the association with the expenses budgeted for the association; (c) Any changes in the fund balances to be presented on the balance sheet or statement of revenues and expenses; and (d) A footnote or disclosure which states that the association is in compliance with paragraph (b) of subsection 2 of NRS 116.3115 and that reserve funds have not been used for daily maintenance. 4. Be prepared using accrual basis of accounting in accordance with generally accepted accounting principles. 5. 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. 6. Be distributed monthly, promptly upon completion, to the treasurer of the association, the community manager if the association is professionally managed and each member of the executive board. (Added to NAC by Comm’n for Common-Interest Communities by R205-05, eff. 9-18-2006; A by Comm’n for Common-Interest Communities & Condo. Hotels by R050-13, 8-10-2015)