Section 5500 - Duties of boardUnless 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 (AB 2912),s 3, eff. 1/1/2019.Added by Stats 2012 ch 180 (AB 805),s 2, eff. 1/1/2013, op. 1/1/2014.