{
  "section": "5500",
  "code": "California Civil Code",
  "law_code": "CIV",
  "citation": "California Civil Code § 5500",
  "heading": "Six Documents the Board Must Review Every Month",
  "heading_is_editorial": true,
  "effective": "2019-01-01",
  "amended_by": "Amended by Stats. 2018, Ch. 396, Sec. 3. (AB 2912) Effective January 1, 2019.",
  "official_credit_line": "Amended by Stats. 2018, Ch. 396, Sec. 3. (AB 2912) Effective January 1, 2019.",
  "official_url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CIV&sectionNum=5500.",
  "page_url": "https://quoroom.org/law/accounts",
  "pending_amendment": {
    "bill": "AB 739",
    "author": "Assembly Member Jackson",
    "act": "An act to amend Sections 5200 and 5500 of the Civil Code",
    "chapter": "506",
    "statutes_of": "2026",
    "citation": "Stats. 2026, Ch. 506 (AB 739)",
    "chaptered": "2026-09-27",
    "effective": "2027-01-01",
    "act_effective": "2027-01-01",
    "urgency": false,
    "verb": "amended",
    "official_url": "https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=202520260AB739",
    "checked": "2026-10-11",
    "renumbered": {},
    "renumbered_count": 0,
    "changes": [
      {
        "id": "g",
        "label": "(g)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "Review, on an annual basis, a statement of fees charged by the managing agent, which shall include the following:"
      },
      {
        "id": "g-1",
        "label": "(g)(1)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "The time period covered by the statement of fees."
      },
      {
        "id": "g-2",
        "label": "(g)(2)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "The total number of separate interests in the association during the time period covered by the statement of fees."
      },
      {
        "id": "g-3",
        "label": "(g)(3)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "The total amount billed and paid by the association to the managing agent during the time period covered by the statement of fees."
      },
      {
        "id": "g-4",
        "label": "(g)(4)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "The breakdown of the total amount described in paragraph (3) into the following categories:"
      },
      {
        "id": "g-4-A",
        "label": "(g)(4)(A)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "Base management fees, which include amounts paid pursuant to fixed or recurring compensation specified in the management agreement."
      },
      {
        "id": "g-4-B",
        "label": "(g)(4)(B)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "Fee schedule charges, which include amounts paid for additional or optional services provided by the managing agent pursuant to a fee schedule adopted by the board of directors as part of the management agreement."
      },
      {
        "id": "g-4-C",
        "label": "(g)(4)(C)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "Reimbursable expenses, which include amounts paid to reimburse the managing agent for third-party costs or expenses incurred on behalf of the association."
      },
      {
        "id": "h",
        "label": "(h)",
        "was_id": null,
        "change": "added",
        "was": null,
        "now": "For the purposes of this section, “managing agent” does not include an employee of the association."
      }
    ],
    "note": "Enacted law that has not yet taken effect. The text in `subdivisions` is the text in force; these are the changes already signed, with the date each starts. Not present in the Legislative Counsel's code tables until then."
  },
  "version_history": [
    {
      "effective": "2019-01-01",
      "change": "amended",
      "bill": "AB 2912",
      "acts": [
        "AB 2912"
      ],
      "attribution": "single",
      "citation": "Stats. 2018, Ch. 396 (AB 2912)",
      "official_credit_line": "Amended by Stats. 2018, Ch. 396, Sec. 3. (AB 2912) Effective January 1, 2019.",
      "superseded_credit_line": "Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.",
      "snapshot": 2019,
      "renumbered": {},
      "changes": [
        {
          "id": "a",
          "label": "(a)",
          "was_id": "a",
          "change": "amended",
          "was": "Review a current reconciliation of the association’s operating accounts on at least a quarterly basis.",
          "now": "Review, on a monthly basis, a current reconciliation of the association’s operating accounts."
        },
        {
          "id": "b",
          "label": "(b)",
          "was_id": "b",
          "change": "amended",
          "was": "Review a current reconciliation of the association’s reserve accounts on at least a quarterly basis.",
          "now": "Review, on a monthly basis, a current reconciliation of the association’s reserve accounts."
        },
        {
          "id": "c",
          "label": "(c)",
          "was_id": "c",
          "change": "amended",
          "was": "Review, on at least a quarterly basis, the current year’s actual reserve revenues and expenses compared to the current year’s budget.",
          "now": "Review, on a monthly basis, the current year’s actual operating revenues and expenses compared to the current year’s budget."
        },
        {
          "id": "d",
          "label": "(d)",
          "was_id": "d",
          "change": "amended",
          "was": "Review the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.",
          "now": "Review, on a monthly basis, the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts."
        },
        {
          "id": "e",
          "label": "(e)",
          "was_id": "e",
          "change": "amended",
          "was": "Review an income and expense statement for the association’s operating and reserve accounts on at least a quarterly basis.",
          "now": "Review, on a monthly basis, an income and expense statement for the association’s operating and reserve accounts."
        },
        {
          "id": "f",
          "label": "(f)",
          "was_id": null,
          "change": "added",
          "was": null,
          "now": "Review, on a monthly basis, the check register, monthly general ledger, and delinquent assessment receivable reports."
        }
      ]
    }
  ],
  "verified": "two sources agree",
  "verification_note": "Text taken verbatim from the Legislative Counsel of California official code database and checked word for word against an independent publisher.",
  "sources": [
    {
      "url": "https://downloads.leginfo.legislature.ca.gov/pubinfo_2025.zip",
      "accessed": "2026-10-11",
      "name": "leginfo (Legislative Counsel official bulk code database, LAW_SECTION_TBL)",
      "note": "Authoritative. Retrieved with tools/fetch.py, which reads the archive's central directory by HTTP range request and fetches only this section's member. The leginfo.legislature.ca.gov HTML page sits behind a bot challenge; this is the same database that backs it."
    },
    {
      "url": "https://california.public.law/codes/civil_code_section_5500",
      "accessed": "2026-10-11",
      "name": "California Public Law (Public.Law)",
      "note": "Independent publisher, used to check the text word for word.",
      "edition": "2025"
    }
  ],
  "subdivisions": [
    {
      "id": "intro",
      "label": "",
      "text": "Unless the governing documents impose more stringent standards, the board shall do all of the following:",
      "anchor": "https://quoroom.org/law/accounts#s5500-intro"
    },
    {
      "id": "a",
      "label": "(a)",
      "text": "Review, on a monthly basis, a current reconciliation of the association’s operating accounts.",
      "anchor": "https://quoroom.org/law/accounts#s5500-a"
    },
    {
      "id": "b",
      "label": "(b)",
      "text": "Review, on a monthly basis, a current reconciliation of the association’s reserve accounts.",
      "anchor": "https://quoroom.org/law/accounts#s5500-b"
    },
    {
      "id": "c",
      "label": "(c)",
      "text": "Review, on a monthly basis, the current year’s actual operating revenues and expenses compared to the current year’s budget.",
      "anchor": "https://quoroom.org/law/accounts#s5500-c"
    },
    {
      "id": "d",
      "label": "(d)",
      "text": "Review, on a monthly basis, the latest account statements prepared by the financial institutions where the association has its operating and reserve accounts.",
      "anchor": "https://quoroom.org/law/accounts#s5500-d"
    },
    {
      "id": "e",
      "label": "(e)",
      "text": "Review, on a monthly basis, an income and expense statement for the association’s operating and reserve accounts.",
      "anchor": "https://quoroom.org/law/accounts#s5500-e"
    },
    {
      "id": "f",
      "label": "(f)",
      "text": "Review, on a monthly basis, the check register, monthly general ledger, and delinquent assessment receivable reports.",
      "anchor": "https://quoroom.org/law/accounts#s5500-f"
    }
  ]
}