Cal. Civ. Code § 5500
Accounting
Redline — January 1, 2013 → current.View current text →
Current — January 1, 2019
As of January 1, 2013
Unless the governing documents impose more stringent standards, the board shall do all of the following:
Unless the governing documents impose more stringent standards, the board shall do all of the following:
(a) Review a current reconciliation of the association’s operating accounts on at least a quarterly basis.
(a) Review, on a monthly basis, a current reconciliation of the association’s operating accounts.
(b) Review a current reconciliation of the association’s reserve accounts on at least a quarterly basis.
(b) Review, on a monthly basis, a current reconciliation of the association’s reserve accounts.
(c) Review, on at least a quarterly basis, the current year’s actual reserve revenues and expenses compared to the current year’s budget.
(c) Review, on a monthly basis, the current year’s actual operating revenues and expenses compared to the current year’s budget.
(d) Review the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.
(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 an income and expense statement for the association’s operating and reserve accounts on at least a quarterly basis.
(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.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.