RCW 64.90.530
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Financial statements — Association funds
Requires associations to prepare annual financial statements on an accrual basis, mandates audits for associations with annual assessments of $50,000 or more (waivable for smaller associations by majority of non-declarant owners), and requires association funds to be held in the association's name with a qualified financial institution and segregated from other associations' funds and from any managing agent's funds. WUCIOA does not impose a statutory deadline for distributing the statement to owners — that comes from declaration/bylaws if at all.
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Statutory Text
Verified May 10, 2026 · LEG_WA_GOV
*** CHANGE IN 2026 *** (SEE 2354-S.SL ) *** (1) The association must prepare, or cause to be prepared, at least annually, a financial statement of the association in accordance with accrual based accounting practices. (2) The financial statements of associations with annual assessments of $50,000 or more must be audited at least annually by a certified public accountant. In the case of an association with annual assessments of less than $50,000, an annual audit is also required but may be waived annually by unit owners other than the declarant of units to which a majority of the votes in the association are allocated, excluding the votes allocated to units owned by the declarant. (3) The association must keep all funds of the association in the name of the association with a qualified financial institution, except as provided in RCW 64.90.535 . The funds must not be commingled with the funds of any other association or with the funds of any managing agent of the association or any other person, or be kept in any trust account or custodial account in the name of any trustee or custodian. (4) A managing agent who accepts or receives funds belonging to the association must promptly deposit all such funds into an account maintained by the association as provided in subsection (3) of this section or RCW 64.90.535 , as appropriate. [ 2025 c 119 s 23 ; 2018 c 277 s 327 .]
Financial
| Ref | Requirement |
|---|---|
| (1) | Your HOA must prepare a financial statement at least once a year using accrual accounting (recognizing income and expenses when they are earned or owed, not just when cash moves). |
| (2) | If your HOA collects $50,000 or more in annual assessments, the financials must be audited every year by a CPA. Smaller HOAs still require an audit, but a majority of non-developer owners can waive it. |
| (3) | Your HOA's money must be held in accounts in the HOA's own name at a real bank or credit union — not mixed with another HOA's funds, not in a property manager's account, not in a personal trust account. |
| (4) | If a property manager receives HOA funds (dues, fees, etc.), they must deposit the money into the HOA's own account right away — they cannot hold it in their own account. |
Other sections in this chapter
- RCW 64.90
- RCW 64.90.365
- RCW 64.90.370 — Election of preexisting common interest communities, plat communities, miscellaneous communities
- RCW 64.90.410 — Board members, officers, and committees
- RCW 64.90.445 — Board Meetings — Notice and Conduct
- RCW 64.90.450 — Quorum
- RCW 64.90.455 — Unit owner voting
- RCW 64.90.470 — Insurance
- RCW 64.90.480 — Assessments and capital contributions
- RCW 64.90.485
- RCW 64.90.490 — Other liens
- RCW 64.90.495 — Association records
Legal Topics
Legal references last verified May 23, 2026.
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