Michigan Condominium Act – Section 57
There has been news on the recent amendment to Section 57 of the Michigan Condominium Act. The amendment requires associations with annual revenues over $20,000 to have a review or an audit of their books, records and financial statements performed by a Certified Public Accountant. The amendment does, however, provide associations the ability to opt out of the requirement for a review or an audit by an affirmative vote of a majority of its members by any means permitted under the association's bylaws.
The effective date of the amendment is January 14, 2014, so associations with a calendar year are not required to have a review or audit for the year 2013.
If you have questions about this new amendment or would like more information on our audit services, please contact our firm at 810-238-4617.