Arizona Requirements of Financial Review of HOA

Started by JohnT18 • 2 replies • 2318 views

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JohnT18 (Arizona)
Posts: 12

Posted:

Does anyone know where I can find regulations governing financial reviews of HOA's in Arizona? Our by-laws specify a review and not an audit but I need to know what other requirements are specified by law in the state.

TimB4 (Tennessee)
Posts: 21,059

Posted:

John,

The requirement for any audits are typically contained within the Associations own governing documents and not required by any statute. However, you might try AZ corporate law (if you are incorporated) to see if there is any requirement contained in that statute. Typically HOAs are registered as a non-profit corporation so make sure that you look within that section.
Here is a link:

http://www.azleg.gov/arizonarevisedstatutes.asp?title=10

Tim

JohnT18 (Arizona)
Posts: 12

Posted:

Thanks Tim. I have the necessary information now and just have to develop an appropriate process to execute the review since neither our association documents, its historical activities, nor AZ statue are specific on just what is required or recommended. That will not be the case for our association after I am done! I always leave a job in a state so it is easier to do then it was when I found it.

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