Glossary of Terms: M

1. a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development
2. A "managing agent" does not include any of the following:
   1. A regulated financial institution operating within the normal course of its regulated business practice.
   2. An attorney at law acting within the scope of the attorney's license.

(Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)

CA Civ Code § 4158

insurance that covers the common areas you share with others in your building like the roof, basement, elevator, boiler and walkways for both liability and physical damage.

Insuring a Co-Op or Condo

Read our article Understanding Your HOA's Master Insurance Policy

See board meeting

the official and required records of the proceedings of its members, board, and committees of the board.

1. Every corporation must keep:
   • Accurate and complete financial records
   • Written records (minutes) of meetings for members, the board, and the board committees
   • A list of members with their names, addresses, and type of membership
2. These records can be kept either on paper or in a format that can be turned into a readable physical copy, or both. If records are stored in a format that can be converted into paper form, the paper copy will be treated the same as an original paper record in legal matters, as long as it’s an accurate copy.

(Amended by Stats. 2004, Ch. 254, Sec. 27. Effective January 1, 2005.)

CA Corp Code § 8320

The minutes of any board meeting, other than an executive session, must be available to members within 30 days of the meeting. The minutes must be distributed to any member upon request and upon reimbursement of the association's costs for making that distribution.

(Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)

CA Civ. Code § 4950

The minutes of member and board meetings are subject to inspection. If a committee has decisionmaking authority, minutes of the meetings of that committee shall be made available starting January 1, 2007, and must be permanently subject to inspection.

(Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)

CA Civ. Code § 5299

Read our article How to Take HOA Meeting Minutes; A Step-by-Step Guide with a Free Template

Read our article How to Run an Effective HOA Board Meeting: A Step-by-Step Guide with a Free Agenda Template & Reference Sheet

an owner of a separate interest

(Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)

CA Civ. Code § 4160

an accounting method that combines accrual basis accounting with cash basis accounting

Modified accrual is allowed under the Davis-Stirling Act Civ. Code § 5200. Associations using modified accrual typically record assessments when due (accrual basis) but record expenses when paid (cash basis).

The other accounting methods include:

• Accrual basis
• Cash basis

https://www.investopedia.com/terms/a/accrualaccounting.asp

https://www.investopedia.com/terms/c/cashbasis.asp

https://www.investopedia.com/terms/m/modified-accrual-accounting.asp

CA Civ. Code § 5200