1. (a) For each fiscal year, the plan manager, or the board of the association if there is no plan manager, shall adopt an operating budget and distribute copies to all members of the association. The budget shall contain at least the following:

   1. (1) The estimated revenues and operating expenses of the association;
   2. (2) Information as to whether the budget has been prepared on a cash or accrual basis;
   3. (3) The total cash reserves of the association as of the date of the budget;
   4. (4) The estimated cash reserves the association will require to maintain the property;
   5. (5) A general explanation of how the estimated cash reserves are computed; and
   6. (6) The amount the association must collect for the year to fund the estimated cash reserves.
2. (b) The plan manager, or the board of the association if there is no plan manager, shall arrange for an annual independent audit of the association's financial accounts conducted by a public accountant in accordance with generally accepted auditing standards. Upon request, a copy of the audit shall be provided to the director, to any member of the association, and any prospective purchaser. The audit report shall include such information as provided by rules adopted by the director pursuant to chapter 91.

[L 1993, c 320, §1]