P.S. from Atlantic County, New Jersey writes:
Dear Mister Condo,
Is our condo association required by New Jersey law to do an annual audit of its financials?
Mister Condo replies:
P.S., since I am not an attorney, I offer no legal opinions on any state’s laws. It is common wisdom that audits are a great way for any condominium association to keep track of its finances and to make sure there is no malfeasance or embezzlement going on. I found a reference on the web to annual audits being required for New Jersey condominium associations with gross receipts over $100K. If you are in that category, then you very likely need to have an annual audit. There are various types of audits and a qualified CPA will be a great resource for you with regard to what is needed and how the association can keep in compliance with state law. All the best!