Question:
If the By-Laws and CCRs do not address audit requirements, is there anything in Tennessee law requiring audits for Not for Profit Home Owners Associations?
– Pattie
Answer:
Hi Pattie,
As of writing, Tennessee law does not specifically mandate homeowners associations to conduct audits. However, requirements can vary depending on the nature, size, and funding sources of the nonprofit organization. Some nonprofits may be required to undergo audits as a condition of receiving grants or funding from certain sources. Additionally, nonprofit organizations may choose to conduct audits voluntarily as part of good governance practices.
It’s best to consult your HOA’s accountant for more information.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
