Alabama § 10A-18-1.04 - Alabama Statewide Trade Association Records.

§ 10A-18-1.04. Alabama Statewide Trade Association Records.

(a) In lieu of any records required to be maintained by a membership nonprofit corporation under the Alabama Nonprofit Corporation Law, a statewide trade association must maintain the following records:

(1) its certificate of incorporation as currently in effect;

(2) its bylaws as currently in effect;

(3) its policies and procedures as currently in effect;

(4) minutes of all meetings of its board of directors and its members;

(5) a list of the names and business addresses of its current directors and officers;

(6) its annual financial statements, annual audits, and annual federal and state income tax returns for its last three fiscal years (or such shorter period of existence); and

(7) a list of its current members in alphabetical order by class of membership showing the address for each member to which notices and other communications from the Alabama statewide trade association are to be sent.

(b) An Alabama statewide trade association shall maintain its books and records for its last three fiscal years (or such shorter period of existence) in a form that permits preparation of the financial statements in accordance with generally accepted accounting principles as applied to nonprofit corporations. Financial statements shall mean balance sheets, income statements, statements of activities, notes to financial statements, statements of financial position, and any investment summaries.

(c) An Alabama statewide trade association shall have an annual audit of its financial statements. The audit shall be conducted by an independent certified public accounting firm that regularly audits nonprofit entities. The independent certified public accounting firm shall be appointed annually by the board of directors.