The Finance Committee participates in budget planning, recommend fiscal policies, and discuss financial statements in detail. As a strategic partner they also consider the HOA’s short and long term plans and challenges, helping the BOD think through financial questions and develop options. All members should be suitably knowledgeable in matters pertaining to budgeting and finance. This committee shall consist of three (3) to no more than seven (7) members.
- Develop key guidelines and assumptions before budget planning begins.
- Analyze trends in income sources (annual dues, fines, legal outcomes).
- Hold in depth discussions of factors that will influence budgets for the next three years.
- Assist the BOD in selecting an auditor and to review annual audits.
- Assist the BOD in preparing the annual budget and communicating same to the membership.
- Review and spot-audit all financial documents, records and contracts of the Association, subject to confidentiality requirements, in order to promote effective and efficient financial practices of the Association subject to the discretion and approval from the BOD Liaison.
- Review and discuss the HOA’s financial policies, making recommendations policy recommendations to the BOD to strengthen financial controls.
- Where necessary, assist with bookkeeping.
- Provide regular updates to the newsletter as requested by the BOD.
- To assist in anything else as deemed necessary by the BOD that will promote effective and efficient financial practices for the Association.