DUTY TO REVIEW FINANCIAL RECORDS

Unless the governing documents impose more stringent standards, the board of directors must at a minimum review the financial records of the association as follows:

• A current reconciliation of the operating accounts on a quarterly basis.
• A current reconciliation of the reserve accounts on a quarterly basis.
• The current year's actual reserve revenues and expenses compared to the current year's budget, on a quarterly basis.
• The latest bank statements for operating and reserve accounts.
• An income and expense statement for the association's operating and reserve accounts on at least a quarterly basis. Civil Code §1365.5(a)
• The reserve study annually. Civil Code §1365.5(e)

Updated 8/9/2008