Section 54204 Of Article 8. Financial Provisions From California Food And Agricultural Code >> Division 20. >> Chapter 1. >> Article 8.
54204
. The board of directors of every association shall cause to
be sent to the members of the association not later than 120 days
after the close of the fiscal or calendar year an annual report of
the operations of the association, unless such report is expressly
dispensed with in the bylaws.
If required by the bylaws, interim reports of the operations of
the association for the three month, six month, or nine month periods
of the current fiscal year of the association shall be furnished to
the members of the association.
Such annual report and any such interim reports shall include a
balance sheet as of such closing date. Such financial statement shall
be prepared from, and be in accordance with, the books. It shall be
prepared in a form which is sanctioned by sound accounting practice
for the association or approved by a duly certified public accountant
or a public accountant.