Preparation, contents, availability and adoption of audited financial statements; qualifications of auditor

NAC 116B.330 Preparation, contents, availability and adoption of audited financial statements; qualifications of auditor. ( NRS 116B.805 ) 1. The audited financial statements of the hotel unit owner must: (a) Be prepared in accordance with generally accepted accounting principles and must include, at a minimum: (1) A comparative balance sheet for the operating fund and reserve fund which presents assets, liabilities and fund balances; (2) A comparative statement of revenues and expenses for the operating fund and reserve fund which presents information about all revenues and expenses; (3) A comparative statement of changes in fund balances which reconciles beginning and ending fund balances with results of operations; (4) A comparative statement of cash flows; (5) Any note disclosures as may be required by the Guide ; and (6) The following unaudited supplementary information: (I) Any disclosures regarding the reserves pursuant to NRS 116B.605 and as may be required by the Guide ; (II) An accompanying schedule which compares details of the actual operating revenues and expenses of the hotel unit owner against the budgeted amounts; and (III) An accompanying schedule comparing the details of the actual reserve revenues and expenses of the hotel unit owner associated with the major components of the shared components or major components of the hotel unit against the budgeted expenses for the shared components or the applicable components of the hotel unit. (b) Be prepared and completed not later than 210 days after the end of the fiscal year of the hotel unit. (c) Be made available to the Division not later than 30 days after a request from the Division. (d) Include on the annual registration form filed with the Division the following information: (1) The amount of budgeted expenses, including both shared expenses and total expenses; (2) The date on which the most recent audit of the financial statements was completed; and (3) Whether the audit opinion is qualified or unqualified. 2. In addition to the requirements set forth in paragraph (b) of subsection 1, the executive board shall adopt the audited financial statement of an association at a meeting conducted pursuant to NRS 116B.525 not later than 100 days after receiving the initial draft of the audited financial statement. 3. The person performing the annual audit for a hotel unit owner must: (a) Be a certified public accountant licensed pursuant to chapter 628 of NRS. (b) Be independent of the association as set forth in the Guide . (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011; A by R129-21, 12-29-2022)