HRS §421C-28
Association books and annual review rules
This section requires every association to keep business books and have them reviewed each year. The reviewer must be independent, unless the association earns less than a certain amount, in which case a committee can do it. A written report with a balance sheet must go to the annual meeting.
condominium associations
The statute, as written — Books; review
(a) Subject to subsection (b), every association shall keep a set of books of the association's business operations, which shall be reviewed at the end of each fiscal year by a certified public accountant who shall not be an officer, director, or employee of the association. (b) Where the annual gross business income of an association amounts to less than $1,000,000 (which amount shall be adjusted for changes in the Consumer Price Index since May 15, 1982), the review need not be done by a certified public accountant but may be performed by a review committee of two individuals who shall not be employees, plus the association's treasurer. (c) A written report of the review, which may include a statement of the amount of business transacted with members and the amount transacted with nonmembers, and which shall include a balance sheet of the association's income and expenses, shall be submitted to the annual meeting of the association.
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