§ 5500. — 5500. (Amended by Stats. 2018, Ch. 396, Sec. 3.)

California § 5500.

• Jurisdiction: California
• Code CIV: Civil Code - CIV
• Div. 4.: DIVISION 4. GENERAL PROVISIONS
• Part 5.: PART 5. Common Interest Developments
• Ch. 7.: CHAPTER 7. Finances
• Art. 1.: ARTICLE 1. Accounting

Text

Unless the governing documents impose more stringent standards, the board shall do all of the following:
(a)
Review, on a monthly basis, a current reconciliation of the association’s operating accounts.
(b)
Review, on a monthly basis, a current reconciliation of the association’s reserve accounts.
(c)
Review, on a monthly basis, the current year’s actual operating revenues and expenses compared to the current year’s budget.
(d)
Review, on a monthly basis, the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.
(e)
Review, on a monthly basis, an income and expense statement for the association’s operating and reserve accounts.
(f)
Review, on a monthly basis, the check register, monthly general ledger, and delinquent assessment receivable reports.

Legislative History

Amended by Stats. 2018, Ch. 396, Sec. 3. (AB 2912) Effective January 1, 2019.