Maintaining documents and records; annual financial statement; review of financial statement by certified public accountant; availability of documents and records for examination

ORS 100.480 Maintaining documents and records annual financial statement review of financial statement by certified public accountant availability of documents and records for examination (1) An association of unit owners shall retain within this state the documents, information and records delivered to the association under ORS 100.210 (Turnover meeting) and all other records of the association for not less than the period specified for the record in ORS 65.771 (Corporate records) or any other applicable law, except that: (a) The documents specified in ORS 100.210 (Turnover meeting) (5)(j), if received, must be retained as permanent records of the association. (b) Proxies and ballots must be retained for one year from the date of determination of the vote, except proxies and ballots relating to an amendment to the declaration, supplemental declaration plat, supplemental plat or bylaws must be retained for one year from the date the amendment is recorded. (2) The association of unit owners shall keep financial records sufficient for proper accounting purposes. (3) Intentionally left blank —Ed. (a) All assessments and other association funds shall be deposited and maintained in the name of the association in one or more separate federally insured accounts, including certificates of deposit, at a financial institution, as defined in ORS 706.008 (Additional definitions for Bank Act) , other than an extranational institution. Except as provided in paragraph (b) of this subsection, funds must be maintained in an association account until disbursed. (b) Subject to any limitations imposed by the declaration or bylaws, association funds maintained in accounts established under this subsection may be used to purchase obligations issued by the United States government. (c) All expenses of the association shall be paid from the association account. (4) Within 90 days after the end of the fiscal year, the board of directors shall: (a) Prepare or cause to be prepared an annual financial statement consisting of a balance sheet and income and expenses statement for the preceding fiscal year; and (b) Distribute to each unit owner a copy of the annual financial statement. (5) Subject to ORS 100.481 (Application of ORS 100.480) , the association of unit owners of a condominium that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (4) of this section to be reviewed within 300 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. (6) The association of unit owners of a condominium that has annual assessments of $75,000 or less shall cause the most recent financial statement required by subsection (4) of this section to be reviewed in the manner described in subsection (5) of this section within 300 days after the board of directors receives the petition requesting review signed by at least a majority of the owners. (7) An association of unit owners subject to the requirements of subsection (5) of …

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