Preston Woods

ANNUAL AUDIT OF BOOKS

HISTORY

The original By-Laws of the Preston Woods Homeowners' Association called for annual audits to be performed by a public accountant. However, in December 2002, with a unanimous vote of approval, the Board of Directors voted to change the By-Laws. The Board deemed the "public accountant" requirement to be an unnecessary expense because of the small size of our Association. The By-Laws were changed to require annual audits to be performed by two at-large members (residents) of the Association.

WHEN DO AUDITS OCCUR?

The books for a fiscal year are usually finalized and closed out each January. The Association solicits two volunteers to audit the books. The audit is usually performed in February/March. After completion of the audit, the results are reported to the residents of Preston Woods in the email newsletter.