Records of receipts and expenditures; availability for examination; annual audit
- Statute:
- North Carolina §47A-20 · Chapter 47A (Unit Ownership Act (pre-1986 condos))
- Topic:
- Records & Disclosure · Books, inspection, annual audit
- Applies to:
- Condo associations
The manager or board must keep detailed chronological records of receipts and expenditures affecting the common areas. The books and the vouchers behind the entries must be available for examination by all unit owners (and their agents or attorneys) at convenient hours on working days that are set and announced. Books must follow good accounting practice, and an outside audit must be made at least once a year. That annual-audit duty is stricter than Chapter 47C's default (which is an unaudited year-end statement unless owners vote a review or audit).
📄 Read the official text at ncleg.gov →
How SoShiny helps with Records of receipts and expenditures; availability for examination; annual 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 North Carolina §47A-20 require?
- The manager or board must keep detailed chronological records of receipts and expenditures affecting the common areas. The books and the vouchers behind the entries must be available for examination by all unit owners (and their agents or attorneys) at convenient hours on working days that are set and announced. Books must follow good accounting practice, and an outside audit must be made at least once a year.
- Who does North Carolina §47A-20 apply to?
- North Carolina §47A-20 applies to Condo associations in North Carolina.
- What happens if our pre-1986 condo doesn't comply with §47A-20?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for North Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of North Carolina §47A-20?
- The official text is published by the North Carolina General Assembly at ncleg.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Records of receipts and expenditures; availability for examination; annual 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 North Carolina §47A-20 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a North Carolina-licensed attorney. For the official statutory text, see the link above.
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