Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | Finances
Article: 1 | 2 | 3 | Accounting
Section: 5500 |

Section 5500 - Board Review of Finances Required

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 on at least a quarterly basis.

(b) Review, on a monthly basis, a current reconciliation of the association's reserve accounts on at least a quarterly basis.

(c) Review, on at least a monthly basis, the current year's actual reserve 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 on at least a quarterly basis.

(f) Review, on a monthly basis, the check register, monthly general ledger, and delinquent assessment receivable reports.

This section is referenced in Section 4202

Prior Law:  Old CID Section 1365.5(a)

Amended:  Statutes of 2012, Chapter 180; Statutes of 2018, Chapter 396 (Not effective until January 1, 2019)

Similar to CI-CID: None