§ 5500 - Board Review of Association Finances

Unless the governing documents impose more stringent standards, the board shall do all of the following:

1. (a) Review, on a monthly basis, a current reconciliation of the association’s operating accounts.
2. (b) Review, on a monthly basis, a current reconciliation of the association’s reserve accounts.
3. (c) Review, on a monthly basis, the current year’s actual operating revenues and expenses compared to the current year’s budget.
4. (d) Review, on a monthly basis, the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.
5. (e) Review, on a monthly basis, an income and expense statement for the association’s operating and reserve accounts.
6. (f) Review, on a monthly basis, the check register, monthly general ledger, and delinquent assessment receivable reports.

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