(a) An association shall close its books at the times provided by its bylaws to determine the amount of its gross income for the period since the date of the last closing of its books.
(b) An association’s net income for a period is computed by subtracting the association’s operating expenses for the period from the association’s gross income for the period.

(c) An association shall:
(1) have prepared and published a statement of the association’s condition as of December 31 of each year; and
(2) file a copy of the statement with the commissioner not later than January 15 of the year following the year for which the statement is prepared.