NAC116.448. Delivery by declarant of audited financial statements: Satisfaction of obligation.

The obligation of a declarant to deliver the audited financial statements pursuant to subsection 2 of NRS 116.31038 may be satisfied by the declarant if, within 30 days after units’ owners other than the declarant may elect a majority of the members of the executive board, the declarant delivers to the association:

     1. All financial records of the association;

     2. All records relating to audits that were completed during the period of the declarant’s control, including, without limitation, applicable signed audit management and representation letters; and

     3. Payment for the cost of the required ancillary audit for the ancillary period from the date of the last audit of the association to the date the period of the declarant’s control ends, as required by subsection 2 of NRS 116.31038. The ancillary audit representation letter for the period described in this subsection must be signed by the declarant.

     (Added to NAC by Comm’n for Common-Interest Communities & Condo. Hotels by R108-08, eff. 4-20-2010)