I asked my HOA for a copy of the audited financial statement. They said they do not need to do one, but did send me a copy of the Tax Compilation.
Our CCRs state
14.4 Right of Inspection of Records. Any Owner, First Mortgagee, or Eligible
Insurer or Guarantor shall be entitled to: (a) inspect current copies of this Declaration
the Articles, the Bylaws, the Design Guidelines, the Association Rules, and the books,
records, and financial statements of the Association during normal business hours; and
(b) receive, upon written request therefor, an audited financial statement of the
Association for the immediately preceding fiscal year of the Association, free of charge
to the requesting party.
The CCR’s make no mention of a compilation or review which are the other options in ARS 13-1810.
I am interpreting this to mean they must do an audited financial statement , and can not substitute a compilation or review, which have much lower standards, in lieu of what the CCR’s state.
How do you interpret this?