The Finance Committee provides oversight of all association funds. The Finance Committee reports to the Treasurer of the HOA Board of Directors, who will be the financial voice of the Board and the community. The Treasurer will present committee recommendations to the Board for approval. Specifically, the Finance Committee is responsible for:
- Working with the Treasurer to recommend an annual budget.
- Monitoring expenses during the year.
- Reviewing assessments and collections activity, delinquent accounts, and collection rates and recommending action to be taken by the Board.
- Submitting cost reduction recommendations.
- Recommending reserve level targets necessary to cover replacement equipment; ensuring assessments necessary to reach those levels in a reasonable time frame.
- Advising the Treasurer and the Board on all contracts and agreements relating to the financial condition of the HOA (including, but not limited to, insurance policies, audit agreements, and reserve studies).
- Recommending appropriate investment of HOA funds.
- Ensuring that an audit is done of the management company’s books on a periodic basis at least every two or three years).
- Implementing a long-term planning process.