Financial statements for members
- Statute:
- North Carolina §55A-16-20 · Chapter 55A (North Carolina Nonprofit Corporation Act)
- Topic:
- Records & Disclosure · Financial statements on demand
- Applies to:
- Nonprofit associations
Except as the articles or bylaws provide otherwise, a corporation on written demand from any member must furnish the latest annual financial statements, which may be consolidated or combined as this section allows, within 120 days after the close of the fiscal year. If the statements are reported on by a public accountant, that report comes with them. Chapter 47C / 47F's 75-day no-charge income-and-expense statement and balance sheet is the tighter association overlay.
📄 Read the official text at ncleg.gov →
How SoShiny helps with Financial statements for members
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 §55A-16-20 require?
- Except as the articles or bylaws provide otherwise, a corporation on written demand from any member must furnish the latest annual financial statements, which may be consolidated or combined as this section allows, within 120 days after the close of the fiscal year. If the statements are reported on by a public accountant, that report comes with them. Chapter 47C / 47F's 75-day no-charge income-and-expense statement and balance sheet is the tighter association overlay.
- Who does North Carolina §55A-16-20 apply to?
- North Carolina §55A-16-20 applies to Nonprofit associations in North Carolina.
- What happens if our nonprofit corporation doesn't comply with §55A-16-20?
- 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 §55A-16-20?
- 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 Financial statements for members?
- 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 §55A-16-20 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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