NAC116.451. Preparation, contents and distribution of interim financial statements.

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

     1. Include, at a minimum, a month-to-date and year-to-date presentation of:

     (a) The balance sheet, including operating and reserve for future repairs and replacement assets, liabilities and fund balances or members’ equity if a single-column format is used;

     (b) The statement of revenues and expenses for all operating and reserve activities, presenting information about all assessments, revenues and expenses;

     (c) A schedule comparing the details of the actual expenses of the association with the expenses budgeted for the association;

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

     (e) A footnote 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.

     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 monthly, promptly upon completion, to the treasurer of the association, the community manager and each member of the executive board.

     (Added to NAC by Comm’n for Common-Interest Communities by R205-05, eff. 9-18-2006)