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Section 5500 - Board Review of Finances Required
Unless the governing documents impose more stringent standards, the board shall do all of the following:
(a) Review a current reconciliation of the association’s operating accounts on at least a quarterly basis.
(b) Review a current reconciliation of the association’s reserve accounts on at least a quarterly basis.
(c) Review, on at least a quarterly basis, the current year’s actual reserve revenues and expenses compared to the current year’s budget.
(d) Review the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.
(e) Review an income and expense statement for the association’s operating and reserve accounts on at least a quarterly basis. Article 2. Use of Reserve Funds
Old Civil Code Section 1365.5(a)
(a) Unless the governing documents impose more stringent standards, the board of directors of the association shall do all of the following:
(1) Review a current reconciliation of the association's operating accounts on at least a quarterly basis.
(2) Review a current reconciliation of the association's reserve accounts on at least a quarterly basis.
(3) Review, on at least a quarterly basis, the current year's actual reserve revenues and expenses compared to the current year's budget.
(4) Review the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.
(5) Review an income and expense statement for the association's operating and reserve accounts on at least a quarterly basis.
Changes
Changes Made By Section 5500
(a) Unless the governing documents impose more stringent standards, the board of directors of the association shall do all of the following: (1) (a) Review a current reconciliation of the association's association’s operating accounts on at least a quarterly basis. (2) (b) Review a current reconciliation of the association's association’s reserve accounts on at least a quarterly basis. (3) (c) Review, on at least a quarterly basis, the current year's year’s actual reserve revenues and expenses compared to the current year's year’s budget. (4) (d) Review the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts. (5) (e) Review an income and expense statement for the association's association’s operating and reserve accounts on at least a quarterly basis. Article 2. Use of Reserve Funds