By Bill Wethe, Chair
Finance Advisory Committee (FAC or Committee)
Purpose
The purpose of this article is to describe the following:
- The process used by the Committee in the responding to questions asked of the Treasurer, the Controller or the FAC on the financial statements of the HOA
- The communication process utilized in responding to questions
History
The Board approved a Board Action Form (BAF) prepared and approved by the Committee in August 2016 recommending the posting of a new position, Controller, for the HOA at their meeting in September 2016. The Committee interviewed candidates in the months of October and November 2016. Associa (PCM) made an offer of employment to Tyler Ingle in December 2016 and he started employment with Associa as Controller for the HOA in January 2017.
Since then, as and when either the Treasurer, the Committee or the Controller receive a question on the audited or unaudited financial statements of the HOA, a process was established and has been utilized in preparing a written response to the question as outlined below.
Process for response
If the question from a unit owner has not been communicated in writing, the unit owner is requested to take the time to write out the question. Upon receipt of the written inquiry, the unit owner is notified in writing that the question has been received and a response will be prepared. The members of the Board of Directors of the HOA are also notified of the question that has been asked. The Controller then reviews the question and reviews the accounting records and financial statements so that he can draft a written response to the unit owner. The Committee and the Treasurer of the HOA review the draft written response and approve any proposed changes to the memo. The written response includes a copy of the question posed by the unit owner in addition to the response.
Communication of response
The final approved written response is then provided to:
- The unit owner who asked the question
- The members of FAC
- The members of the Board of Directors of the HOA
- The Communication Manager of the HOA for posting to the HOA website
Timeframe for written response
We endeavor to provide a timely, factual response within two weeks of receipt of the written inquiry. As you may be aware, our Controller and others are quite busy at this time of the year with the annual audit and the goal to have the 2017 audited financial statements issued on or before March 2, 2018. So, if you write out a question at this time, there may be a slight delay in the written response due to the focus on completing the work needed for the issuance of the audited financial statements.