At least every three years, the board shall provide for a financial audit, review or compilation of the association's records in accordance with generally accepted accounting principles by an independent certified public accountant and shall provide that the cost thereof be assessed as a common expense. The audit, review or compilation shall be made available to lot owners within thirty calendar days of its completion.
History: Laws 2013, ch. 122, § 10; 2019, ch. 30, § 5.
The 2019 amendment, effective July 1, 2019, changed the annual audit requirement to every three years; deleted Subsection A, which required an annual financial audit; deleted subsection designation "B"; in the first sentence of the subsection, deleted "Unless otherwise provided in the community documents, in an association managing a development consisting of fewer than one hundred lots, upon a majority vote of all of the lot owners" and added "At least every three years", and after "association's records", added "in accordance with generally accepted accounting principles by an independent certified public accountant".
Compiler's notes. — Laws 2013, ch. 122, §§ 1 through 14 were erroneously compiled as 47-7E-1 through 47-7E-14 NMSA 1978, and have been recompiled as 47-16-1 through 47-16-14 NMSA 1978 by the compiler.
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