Sep 162016
A Finance Committee is established with the Treasurer as chairman, President as ex-officio member, and at least one additional Board member and one HOA homeowner who is not also a Board member.
All Committee members have equal voting rights.
The committee responsibilities include, but are not limited to:
- Implementing the HOA investment policy
- Selecting, opening, and closing accounts with banks or other financial institutions used by the HOA
- Recommending outsourced bookkeeping or bill payment firms to the Board
- Recommending HOA dues payment processes and options to the Board
- Recommending HOA transfer fees and processes and options to the Board
- Recommending annual dues amount to the Board
- Creating of the scope of work used for audits as needed
- Recommending an auditor, as needed, to the Board
- Developing, approving, or recommending financial policies and procedures to the Treasurer or Board as needed
- Assisting in the development of Operating and Capital budgets as requested by the Treasurer
- Recommending Operating and Capital budgets to the Board
- Collecting and providing information to the Committee to perform the above functions
- The Treasurer reports significant decisions and issues to the Board
Approved by SMVE HOA Board of Directors on September 19, 2016