Financial audit
- Statute:
- New Mexico §47-16-10 · Article HOA (New Mexico Homeowner Association Act (NMSA 47-16-1 to 47-16-18))
- Topic:
- Records & Disclosure · Audit
- Applies to:
- HOA associations
At least every three years the board shall provide a financial audit, review, or compilation of the association's records under GAAP by an independent CPA, assessed as a common expense, and make it available to lot owners within 30 calendar days of completion. Does not apply to associations created before July 1, 2013 with fewer than 30 lots (§47-16-15(B)).
📄 Read the official text at nmonesource.com →
How SoShiny helps with Financial audit
SoShiny gives every owner instant, permissioned access to the official records this statute requires — searchable, audit-logged, and exportable for state inspections. The records survive every board turnover because they live in one place, not in someone's inbox.
See the feature → Start freeFrequently asked
- What does New Mexico §47-16-10 require?
- At least every three years the board shall provide a financial audit, review, or compilation of the association's records under GAAP by an independent CPA, assessed as a common expense, and make it available to lot owners within 30 calendar days of completion. Does not apply to associations created before July 1, 2013 with fewer than 30 lots (§47-16-15(B)).
- Who does New Mexico §47-16-10 apply to?
- New Mexico §47-16-10 applies to HOA associations in New Mexico.
- What happens if our HOA doesn't comply with §47-16-10?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for New Mexico community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of New Mexico §47-16-10?
- The official text is published by the New Mexico Legislature at nmonesource.com. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Financial audit?
- SoShiny gives every owner instant, permissioned access to the official records this statute requires — searchable, audit-logged, and exportable for state inspections. The records survive every board turnover because they live in one place, not in someone's inbox. Learn more →
Not legal advice. This page is a plain-English summary of New Mexico §47-16-10 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a New Mexico-licensed attorney. For the official statutory text, see the link above.
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