Depositing association funds
- Statute:
- California §5380 · Chapter CIV-6 (Davis-Stirling Act Ch. 6 — Association Governance)
- Topic:
- Assessments & Finance · Trust accounts
- Applies to:
- HOA associations
A managing agent who receives association funds must deposit them in a trust account or in an account in the association's name, and shall not commingle them with the agent's money. Withdrawals follow the signature rules the board sets.
📄 Read the official text at leginfo.legislature.ca.gov →
How SoShiny helps with Depositing association funds
SoShiny calculates per-unit assessments automatically from ownership percentages and tracks payment status against every levy. The unit-level ledger is the audit trail your CPA, attorney, and the board need when an owner disputes a charge.
See the feature → Start freeFrequently asked
- What does California §5380 require?
- A managing agent who receives association funds must deposit them in a trust account or in an account in the association's name, and shall not commingle them with the agent's money. Withdrawals follow the signature rules the board sets.
- Who does California §5380 apply to?
- California §5380 applies to HOA associations in California.
- What happens if our CID doesn't comply with §5380?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for California community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of California §5380?
- The official text is published by the California Legislature at leginfo.legislature.ca.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Depositing association funds?
- SoShiny calculates per-unit assessments automatically from ownership percentages and tracks payment status against every levy. The unit-level ledger is the audit trail your CPA, attorney, and the board need when an owner disputes a charge. Learn more →
Not legal advice. This page is a plain-English summary of California §5380 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a California-licensed attorney. For the official statutory text, see the link above.
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