RCW 64.90.530

Financial statements — Association funds

Requires associations to prepare annual financial statements on an accrual basis, mandates audits for associations with annual assessments of $100,000 or more (waivable for associations below that figure by majority of non-declarant owners), and requires association funds to be held in the association's name with a qualified financial institution and segregated from other associations' funds and from any managing agent's funds. The $100,000 figure was set by 2026 c 96 §6 (it read $50,000 before) and is adjusted for inflation under RCW 64.90.065. WUCIOA does not impose a statutory deadline for distributing the statement to owners — that comes from declaration/bylaws if at all.

Status Active
Verified Jul 4, 2026
Source Official text

Reviewed · 11 dependent article updates in 12 months · Washington changes feed

Statutory Text Verified Jul 17, 2026 · LEG_WA_GOV
(1) The association must prepare, or cause to be prepared, at least annually, a financial statement of the association in accordance with accrual based accounting practices. (2) The financial statements of associations with annual assessments of $100,000 or more must be audited at least annually by a certified public accountant. In the case of an association with annual assessments of less than $100,000, as adjusted pursuant to RCW 64.90.065 , an annual audit is also required but may be waived annually by unit owners other than the declarant of units to which a majority of the votes in the association are allocated, excluding the votes allocated to units owned by the declarant. (3) The association must keep all funds of the association in the name of the association with a qualified financial institution, except as provided in RCW 64.90.535 . The funds must not be commingled with the funds of any other association or with the funds of any managing agent of the association or any other person, or be kept in any trust account or custodial account in the name of any trustee or custodian. (4) A managing agent who accepts or receives funds belonging to the association must promptly deposit all such funds into an account maintained by the association as provided in subsection (3) of this section or RCW 64.90.535 , as appropriate. [ 2026 c 96 s 6 ; 2025 c 119 s 23 ; 2018 c 277 s 327 .]
Financial
Ref Requirement
(1) Your HOA must prepare a financial statement at least once a year using accrual accounting (recognizing income and expenses when they are earned or owed, not just when cash moves).
(2) If your HOA collects $100,000 or more in annual assessments, the financials must be audited every year by a CPA. Smaller HOAs still require an audit, but a majority of non-developer owners can waive it. The $100,000 line moves with inflation under RCW 64.90.065.
(3) Your HOA's money must be held in accounts in the HOA's own name at a real bank or credit union — not mixed with another HOA's funds, not in a property manager's account, not in a personal trust account.
(4) If a property manager receives HOA funds (dues, fees, etc.), they must deposit the money into the HOA's own account right away — they cannot hold it in their own account.
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Legal references last verified July 4, 2026. This content is educational and informational. It does not constitute legal advice. Consult a licensed attorney in your state for legal guidance specific to your situation.
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