AGM for Owners' associations
1.If the Association had functioned only for a part of that financial year , what is the time by which Audited Accounts for that year have to be got approved in AGM?
2. Can that part year accounts be clubbed with the next full year? If so,by when the combined audited accounts have to be approved in AGM? more
2. Can that part year accounts be clubbed with the next full year? If so,by when the combined audited accounts have to be approved in AGM? more
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Audit report of the owners association is to be prepared for the financial year from 1st April to 31st March (say 1.4.2015 t 31.3.2016). This is the period which is followed by Government agencies, and Companies. The Association which has functioned only for a part of that financial year should prepare Audit Report covering the date on which the Association was formed upto 31st March of the coming year. This will have to be approved in the first AGM of the Association which may be held during June or July of that year. It is not possible to club the Audit Report of part of the year with the next financial year. There is nothing like combined audited accounts to be approved in the AGM. _______________________ -Dr. A. S. Kodanda Pani, Urban Planner & Civic Analyst more
Aug 01
