California Corporations Code Section 6321

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(a) Except as provided in subdivision (c), (d), or (f), the
board shall cause an annual report to be sent to the members not
later than 120 days after the close of the corporation's fiscal year.
  Unless otherwise provided by the articles or bylaws and if approved
by the board of directors, that report and any accompanying material
sent pursuant to this section may be sent by electronic transmission
by the corporation (Section 20).  That report shall contain in
appropriate detail the following:
   (1) The assets and liabilities, including the trust funds, of the
corporation as of the end of the fiscal year.
   (2) The principal changes in assets and liabilities, including
trust funds, during the fiscal year.
   (3) The revenue or receipts of the corporation, both unrestricted
and restricted to particular purposes, for the fiscal year.
   (4) The expenses or disbursements of the corporation, for both
general and restricted purposes, during the fiscal year.
   (5) Any information required by Section 6322.
   (b) The report required by subdivision (a) shall be accompanied by
any report thereon of independent accountants, or, if there is no
such report, the certificate of an authorized officer of the
corporation that such statements were prepared without audit from the
books and records of the corporation.
   (c) Subdivision (a) does not apply to any corporation which
receives less than twenty-five thousand dollars ($25,000) in gross
revenues or receipts during the fiscal year.
   (d) Where a corporation has provided, pursuant to Section 5510,
for regular meetings of members less often than annually, then the
report required by subdivision (a) need be made to members only with
the frequency with which regular membership meetings are required,
unless the articles or bylaws require a report more often.
   (e) Subdivisions (c) and (d) notwithstanding, a report with the
information required by subdivision (a) shall be furnished annually
to:
   (1) All directors of the corporation; and
   (2) Any member who requests it in writing.
   (f) A corporation which in writing solicits contributions from 500
or more persons need not send the report otherwise required by
subdivision (a) if it does all of the following:
   (i) Includes with any written material used to solicit
contributions a written statement that its latest annual report will
be mailed upon request and that such request may be sent to the
corporation at a name and address which is set forth in the
statement.
   The term "annual report" as used in this subdivision refers to the
report required by subdivision (a).
   (ii) Promptly mails a copy of its latest annual report to any
person who requests a copy thereof; and
   (iii) Causes its annual report to be published not later than 120
days after the close of its fiscal year in a newspaper of general
circulation in the county in which its principal office is located.

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Last modified: July 31, 2008