What is a key component of ensuring financial accountability in a condominium's management?

Monthly financial statements are essential for ensuring financial accountability in condominium management. These statements provide a detailed and regular overview of the condominium’s financial health, helping to assess income and expenditures over specific periods. By reviewing monthly financial statements, condominium boards and managers can track budgets, identify variances, and ensure that funds are being managed properly. This regular monitoring is crucial for making informed financial decisions and maintaining transparency with the owners.

In contrast, while a reserve fund study is important for long-term planning and maintaining the property, it may not provide immediate accountability. Operation quality relates more to the maintenance and management of the property rather than its financial oversight. External contractors can be part of financial management but primarily focus on specific services rather than the overall financial overview. Regular financial statements, however, are a direct method to achieve consistent and accountable financial management.