KY SB233

Exempts planned communities and condominiums with 14 or fewer lots/units from mandatory financial recordkeeping and reporting requirements under KRS 381.794 and KRS 381.9197

Small associations may voluntarily adopt the financial reporting standards by including them in their governing documents

Planned community associations must prepare annual financial reports within 180 days of fiscal year end and provide electronic copies at no charge or paper copies for a reasonable fee within 30 days of board receipt

Condominium associations must prepare annual financial reports within 150 days of fiscal year end, prepared by an independent or certified public accountant, and make them available for unit owner examination

Financial reporting standards are tiered by annual revenue: associations under $100,000-$125,000 require basic cash statements; $100,000-$300,000 require compilation reports; $250,000-$1,000,000 require CPA review; $500,000-$1,000,000+ require full CPA audits