§ 5500 Board Financial Review Duties

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.)