California Codes, Civil Code - CIV, Division 4 — General Provisions, Part 5 — Common Interest Developments, Chapter 7 — Finances, Article 1 — Accounting, Section 5500
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.
Notes
Requires the board, unless governing documents impose stricter standards, to review specified association financial information monthly. The required monthly review covers operating and reserve reconciliations, actual revenues and expenses against budget, financial-institution account statements, operating and reserve income-and-expense statements, and the check register, general ledger, and delinquent-assessment receivable reports.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 5500 | https://laws.lexinter.net/codes/california/civil-code/division-4/part-5/chapter-7/article-1/section-5500