NAC116B.200. Preparation, contents and distribution of interim financial statements.

The interim financial statements of an association must be prepared quarterly using fund accounting or a single-column presentation and must:

     1. Include, at a minimum:

     (a) A balance sheet, including operating and reserve funds, that indicates 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, presenting information about all revenues, including assessments, expenses, expenditures and reserve transfers;

     (c) A schedule comparing the details of the actual reserve revenues and expenses of the association with the operating budget for the association;

     (d) A schedule comparing the details of the actual reserve revenues and expenses associated with the major components of the common elements with the reserve budget for the major components of the common elements;

     (e) Any changes in the fund balances to be presented on the statement of revenues and expenses if fund accounting is used; and

     (f) A footnote which states that the association is in compliance with paragraph (b) of subsection 2 of NRS 116B.590 and that reserve funds have not been used for daily maintenance.

     2. Be prepared on a full accrual basis.

     3. 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.

     4. Be distributed at least quarterly, promptly upon completion, to the treasurer of the association, the community manager, each member of the executive board and, if requested in writing, to the hotel unit owner.

     (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R186-07, eff. 5-5-2011)