Question:
Do all Oregon HOAs do audited/reviewed financial statements?
What is the requirement? Annually?
What is the requirement for doing reserve studies?
– Yvonne
Answer:
Hi Yvonne,
ORS 94.670(5) states the following:
“Subject to ORS 94.671 (Application of ORS 94.670 (5)), the association of a planned community that has annual assessments exceeding $75,000 shall cause the financial statement required under subsection (4) of this section to be reviewed within 300 days after the end of the fiscal year by an independent certified public accountant licensed in the State of Oregon in accordance with the Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants.”
Oregon law also requires HOAs to have and maintain a reserve account and conduct a reserve study. This study or review must be conducted annually. However, with homeowner approval, the HOA board may elect not to fund the reserve account for the following year.
You may find this information under the following sections:
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
