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Chapter: 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | | Finances |
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| Article: 1 | 2 | 3 | | Accounting | |||
| Section: 5500 | 5501 | 5502 | | ||||
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.
(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.
This section is referenced in Section 5501
First Enacted: Old CID Section 1365.5(a)
Amended: Statutes of 2012, Chapter 180;
Statutes of 2018, Chapter 396 Similar to CI-CID: None