Kentucky Revised Statutes Title XXXII. Ownership and Conveyance of Property § 381.794.Financial records; financial report; standards for report

(a) An association with total annual revenues of less than one hundred twenty-five thousand dollars ($125,000) shall prepare a statement of cash receipts and disbursements that discloses all sources of income and expenses by account and classification;

(b) An association with total annual revenues of at least one hundred twenty-five thousand dollars ($125,000) but less than three hundred thousand dollars ($300,000) shall prepare a financial report under the standards of a compilation by an accounting professional;

(c) An association with total annual revenues of at least three hundred thousand dollars ($300,000) but less than one million dollars ($1,000,000) shall prepare a financial report under the standards of review, to be prepared by a certified public accountant; and

(d) An association with total annual revenues of one million dollars ($1,000,000) or greater shall have prepared a financial report under the standards of an audit prepared by a certified public accountant.

An association may elect to have the financial report required under this subsection prepared in accordance with a higher standard than required for the association's annual revenue level.