Kentucky Revised Statutes Title XXXII. Ownership and Conveyance of Property § 381.9197.Association records; financial report

(a) An association with total annual revenues of less than one hundred thousand dollars ($100,000) shall have prepared a financial statement of cash receipts and disbursements that disclose all sources of income and expenses by account and classification;

(b) An association with total annual revenues of at least one hundred thousand dollars ($100,000) but less than two hundred fifty thousand dollars ($250,000) shall have prepared a financial report under the standards of a compilation by a certified public accountant;

(c) An association with total annual revenues of at least two hundred fifty thousand dollars ($250,000) but less than five hundred thousand dollars ($500,000) shall have prepared a financial report under the standards of a review by a certified public accountant; and

(d) An association with total annual revenues of five hundred thousand dollars ($500,000) or greater shall have prepared a financial report under the standards of an audit by a certified public accountant.

The executive board of an association, in its sole discretion, may elect to have the financial report required by this subsection prepared in accordance with a higher standard of care than required for that association's annual revenue level.