Connecticut General Statutes 47-81 – Accounting records. Availability of records. Loan disclosure and comments. Audit
(a) The declarant and the association shall maintain accounting records according to generally accepted accounting practices. Such records shall include: (1) A record of all receipts and expenditures; (2) an account for each unit which shall designate the name and address of each unit owner, the amount of each assessment, the dates on which the assessment comes due, the amounts paid on the account, and the balance due; (3) a record of the actual cost, irrespective of discounts and allowances, of the maintenance of the common elements; (4) an accurate account of the current balance in the reserve for replacement and for emergency repairs.
Terms Used In Connecticut General Statutes 47-81
- Association of unit owners: means all of the unit owners acting as a group in accordance with the condominium instruments. See Connecticut General Statutes 47-68a
- Board of directors: means an entity consisting of natural persons elected by the unit owners to direct the operation of the condominium. See Connecticut General Statutes 47-68a
- Common elements: means all portions of the condominium other than the units. See Connecticut General Statutes 47-68a
- Common expenses: means and includes: (1) Expenses of administration, maintenance, repair or replacement of the common elements. See Connecticut General Statutes 47-68a
- Condominium: means real property and any incidents thereto and interests therein, lawfully submitted to this chapter by the recordation of condominium instruments pursuant to the provisions of this chapter. See Connecticut General Statutes 47-68a
- Declarant: means the person or persons who execute the declaration or on whose behalf the declaration is executed. See Connecticut General Statutes 47-68a
- Unit: means a part of the property including one or more rooms or designated spaces located on one or more floors or a part or parts thereof in a building, intended for any type of independent use, and with a direct exit to a public street or highway or to common elements leading to such street or highway. See Connecticut General Statutes 47-68a
- Unit owner: means the person or persons owning a condominium unit or leasing a unit in a leasehold condominium, as hereinafter provided, and an undivided interest in the common elements specified and established in the declaration and the heirs, executors, administrators, successors and assigns of such person or persons, and a mortgagee or lienholder holding both legal and equitable title. See Connecticut General Statutes 47-68a
(b) (1) Records maintained by the declarant, by the association or by the manager, including, but not limited to, minutes of meetings and voting records of the board of directors, shall be made available for examination and copying by any unit owner, or the unit owner’s duly authorized agent, at the expense of the unit owner, during normal business hours upon the request of such unit owner or agent.
(2) Notwithstanding any provision of the condominium instruments to the contrary, at least fourteen days prior to entering into any loan agreement on behalf of the association of unit owners, the board of directors shall (A) disclose in writing to all unit owners the amount and terms of the loan and the estimated effect of such loan on any assessment for common expenses, and (B) afford the unit owners a reasonable opportunity to submit written comments to the board of directors with respect to such loan.
(c) From the date of the recording of the declaration until the declarant relinquishes control of the association pursuant to subsection (d) of § 47-74a he shall cause to have prepared a certified audit of the books of the condominium by a certified public accountant not less than once in every calendar year which shall be available for examination by the unit owners. Thereafter on the written petition of unit owners of not less than twenty-five per cent of the units then completed, a certified audit by an independent certified public accountant shall be made, but not more than once in any consecutive twelve-month period; provided the cost of the audit shall be a common expense.