If an association submits a written contract under Regulation .36, .37 or .38 of this chapter, the application documents shall include, for each party to the contract: Audited financial statements and an auditor's report; or Unaudited financial statements and a report by an independent certified public accountant. The application documents shall include a financial statement required by this regulation for each of the 3 years preceding the date the application documents are submitted. The application documents shall state the qualifications and background of the auditor or accountant who prepared the report submitted under this regulation. The Commission shall review each contract submitted under this regulation in executive session, with these documents deemed to be “Confidential Financial Information”.