Civil Code §5500
Adams Stirling PLC
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DAVIS-STIRLING ACT

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Civil Code §5500. Board Review of Finances Required.
[Old: Civ. Code §1365.5(a)]

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.

(Amended by Stats. 2018, Ch. 396, Sec. 3. Effective January 1, 2019.)

Adams Stirling PLC