Members

Jenna Hazelton (chair)

Maria Poon

Priorities

  • Provide a brief written monthly report to the board, to be sent to the president, vice president, and management 1 week prior to the monthly board meeting
  • Expected to submit options for dues increase/special assessment or re-visiting and renegotiating contracts for potential savings or new contracts.
  • Monitor the monthly finances as they are approved for release by the board and help investigate and identify any discrepancies
  • Highlight areas of excessive spending for the board to try to improve the budgetary situation
  • Provide advice and counsel as requested by the board on mechanisms to pay for major repair/maintenance/improvement items (e.g. SB 326)
  • Meet at least once monthly (at the clubhouse office, over zoom, or in another mutually agreeable location), separate from monthly board meetings

Meetings

The committee meets _____ a month at the clubhouse office on____. Homeowners are welcome at these meetings.

FINANCE COMMITTEE CHARTER

Purpose

The Board may establish a finance committee to assist the Board in financial documentation; preparation, reporting, and review, as set forth in Section 3.9 of the Bylaws of the Association. The Committee shall conduct its business in the best interest of the Association and in accordance with the Charter, the Association’s Articles of Incorporation, Covenants Conditions and Regulations (CC&Rs), and Bylaws.

Membership

The finance committee shall consist of no more than 5 members, formed as follows:

  • The Board shall appoint the Chair of the committee and its committee members after soliciting interest from homeowners. The committee can also recommend homeowners to the Board for appointment.
  • Members appointed to the committee by the Board shall be members who are in good standing with the Association.
  • Committee members appointed may be members of the Board of Directors and/or any other Association Committee.
  • Members shall serve for a one-year term, effective on the date of the appointment of the Chair.
  • Committee members can be re-appointed following the one-year term.

Responsibilities

  • Review the yearly annual budget, prepared by management. The budget is ultimately approved by the Board of Directors.
  • Monitor the financial performance of the Association throughout the year by reviewing monthly financial statements and recommending action to the Board on any variances.
  • Monitor compliance by the Association with all legal reporting requirements.
  • Ensure that appropriate accountability and process controls are in place for financial management.
  • Review banking transactions and reports and to advise the Board on banking relationships and investments.
  • Review the annual audit before it is mailed to all the homeowners.
  • Review the reserve study.
  • The committee shall meet as often as it deems necessary to carry out the obligations imposed upon it, unless directed by the Board.

Vacancies

  • The Board may remove a member of the Committee, in writing, with or without cause. The Committee may vote to recommend removal of its Chairman or any Committee Member to the Board with cause. Vacancies created by either of the above or for any other reason shall be filled by appointment by the Board.
  • The Board may remove a member of the Committee, in writing, with or without cause. The Committee may vote to recommend removal of its Chairman or any Committee Member to the Board with cause. Vacancies created by either of the above or for any other reason shall be filled by appointment by the Board.