P.R. Laws tit. 21, § 4763
All citizens’ associations and all commercial district associations must comply with the following norms and provisions:
(a) Keep a strict accounting system of the funds received, their use and surplus, in accordance with recognized public accounting practices.
(b) Deposit the moneys in a bank account no later than the business day following its receipt.
(c) Require at least two (2) signatures to draw on said account.
(d) Designate an accounting official who shall have the responsibility of receiving, accounting, and making disbursements of the money, as well as keeping all receipts and related documents. This person will have the legal obligation to see that corresponding records and documents are preserved to prepare and substantiate the financial statements that must be rendered to the general assembly.
(e) Make disbursements solely by check, and far the payment of purchase orders, invoices, payroll, services or other necessary expenses directly related to the association’s activities.
(f) No checks to bearer shall be drawn nor shall payments in cash be made from association funds.
(g) Keep minutes of the general assemblies and meetings of the Board of Directors specifying, among other things, the decisions or resolutions approved with respect to the use and disposal of association funds.
(h) Keep updated and properly filed in a safe place the checks, invoices, purchase orders and payments of services, payrolls, records, minutes and any other documents related to the funds during the term established by the association’s bylaws, that shall not be less than five (5) years.
In the case of associations constituted for a specific period of time, and in all cases of dissolution, documents related to the association’s funds, such as disbursements, receipts and any others of a fiscal nature or related to the use of funds, shall be turned over to the municipality for their preservation and custody, no later than thirty (30) days from the date that the period of existence of the association ends, or the dissolution of the association in question is decreed.
History —Aug. 30, 1991, No. 81, § 16.014.