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.
Related Topics
Related Statutes
- AB-1101 (Irwin) Common interest developments: funds: insurance.
- Civil Code Section 5502. Board Authorization of Financial Transfers.
- AB 2912 (Irwin) Association finances.
- Civil Code Section 5510. Use of Reserve Funds; Withdrawal Requirements.
- Civil Code Section 5380. Deposits of Association Funds.
- Civil Code Section 4177. “Reserve Accounts” Defined.
Related Links
AB 2912 Signed! Significant Changes to HOA Financial Review and Insurance Requirements
Published on HOA Lawyer Blog (September 20, 2018)