Statute · California Civil Code
Cal. Civ. Code § 5500 — Accounting
Cal. Civ. Code § 5500
- Type
- Statute
- Source
- California Civil Code
- Jurisdiction
- California
- Date
- 2019-01-01
- Current through
- Nov 2, 2026 (California Legislative Counsel)
Unless the governing documents impose more stringent standards, the board shall do all of the following:
Citator
Cal. Civ. Code § 5500 — Accounting is in force in the current edition of the Code, and nothing recorded condemns it.
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.