Annual financial statement
28 Annual financial statement
A land trust must, by 30 September each year, prepare and adopt an annual financial statement for the financial year most recently ended, if the land trust’s total income from all sources for that financial year is more than $20000.
If a land trust prepares and adopts an annual financial statement under subsection (1), the land trust must, by 31 December in the year it is adopted, give the chief executive—
a copy of the statement; and
a declaration, in the approved form, about the financial operation of the land trust for the financial year.
Each annual financial statement prepared under this section must include the following—
a balance sheet;
a profit and loss statement;
other information or documents the land trust considers relevant to the financial operation of the land trust.
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