Civil Code 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.

Source: Section 5500, https://leginfo.­legislature.­ca.­gov/faces/codes_displaySection.­xhtml?lawCode=CIV§ionNum=5500.­ (accessed May 19, 2025).

Last Updated

May 12, 2025

§ 5500’s source at ca​.gov