Code Section

Civil Code - CIV

DIVISION 4. GENERAL PROVISIONS [3274 - 9566]

  ( Heading of Division 4 amended by Stats. 1988, Ch. 160, Sec. 16. )
  

PART 5. Common Interest Developments [4000 - 6150]

  ( Part 5 added by Stats. 2012, Ch. 180, Sec. 2. )
  

CHAPTER 7. Finances [5500 - 5580]

  ( Chapter 7 added by Stats. 2012, Ch. 180, Sec. 2. )
  

ARTICLE 1. Accounting [5500 - 5502]
  ( Article 1 added by Stats. 2012, Ch. 180, Sec. 2. )

  
5500.  

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.

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