Sections
3 entriesSection 5500Requires the board, unless governing documents impose stricter standards, to review specified association financial information monthly. The required monthly review covers operating…Section 5501Allows the referenced document-review requirements to be satisfied outside a board meeting when every board member, or a subcommittee consisting of the…Section 5502Requires prior written board approval for transfers from association reserve or operating accounts unless the transfer is below the lesser of $5,000…