§ 47A-20. Records of receipts and expenditures; availability for examination; annual audit. - North Carolina Statutes

§47A‑20.  Records of receipts and expenditures; availability forexamination; annual audit.

The manager or board ofdirectors, or other form of administration provided in the bylaws, as the casemay be, shall keep detailed, accurate records in chronological order of thereceipts and  expenditures affecting the common areas and facilities,specifying and identifying the maintenance and repair expenses of the commonareas and facilities and any other expense incurred. Both said book and thevouchers accrediting the entries thereupon shall be available for examinationby all the unit owners, their duly authorized agents or attorneys, atconvenient hours on working days that shall be set and announced for generalknowledge. All books and records shall be kept in accordance with good andaccepted accounting practices and an outside audit shall be made at least oncea year. (1963, c. 685, s. 20.)