CT SB01208

Executive boards must create separate monthly financial reports for each association entity, account, and taxing district, with separate reporting for reserve accounts and special assessments.

Monthly financial reports must show beginning and ending cash balances, detailed entries for all cash received and dispersed, and be reconciled with bank statements.

Association and related entities must maintain separate bank accounts with unique names and account numbers; funds cannot be commingled between accounts or entities.

Reserve and assessment funds may only be used for operating expenses if approved in the adopted budget and repayable within 90 days; assessment funds cannot finance budgeted items or new capital improvements without owner approval.

Executive boards must provide monthly financial reports and bank statements to unit owners by mail or internet website within 15 days of each calendar month's end, at the owner's option.