By Bill Wethe
Finance Advisory Committee Chair
2019 audit and tax returns
The audit of the Association’s financial statements is complete! The Board approved the draft report on February 24, 2020; and the final report with an unqualified opinion was issued by the auditor on February 27, 2020. Thank you to all team members responsible for this accomplishment.
FAC completed its review of the tax returns to be filed by the auditor.
FAC has a need for more members
As you may have already read or heard, FAC has three openings on the Committee. We would love to hear from you if you have an interest in serving on the FAC or on the FAC Subcommittee for major repairs and replacements and the annual reserve study. The estimated time commitment for serving on FAC is 15 hours per month.
Work completed
During the month of March, the FAC continued its work with the Board as well as with DRM and Troon management including:
- Review and recommend Board approval of the unaudited February 2020 Association financial statements including the:
- financial statements prepared by DRM/Associa, Troon, and the Controller.
- combining and combined financial statements included in the Treasurer’s report prepared by the Controller.
- summary financial information on financial position and results of operations included in the Controller’s report to the Board.
- condensed financial information to be published in The View magazine.
- Review of the year-to-date variance analysis prepared by the Controller on the 2020 Operating Fund revenues and expenses.
- Review of the year-to-date variance analysis prepared by the Controller on the 2020 Replacement Fund expenses and inter-fund transfers to the Operating Fund.
- Review of the 2020 Forecast (2+10) of the Operating Fund and Replacement Fund as compared to the 2020 Budget prepared by the Controller.
- Review and recommend Board approval of the February 2020 bank statements, bank reconciliations, and Replacement Fund investment account statements.
- Regular meeting of FAC held on March 25, 2020.
- Preparation of the FAC monthly written report to the Board for its meeting on March 30, 2020.
- Review of the Controller monthly written report to the Board for its meeting on March 30, 2020.
Work in process and upcoming work
FAC has several items we are working on including:
- Insurance renewal effective April 22, 2020. FAC had a conference call with the Association’s insurance broker during our regular meeting on March 25, 2020, to review the current quotations including for coverage, limits, deductibles, and pricing.
- Contract renewals for landscape maintenance of the common areas and property protection.
Further information
If you have any questions, please contact the author.
Additional FAC Members: Larry Anderson, Steve Proia, Carey Thompson, Bob Giovannettone, and Bob Jester. FAC Subcommittee Members on the Replacement Fund and Reserve Study: Chris Stevens, Don Salvatore, Steve Proia, Carey Thompson, and Bill Wethe, Chair.
Contact the author at finance@scshca.com.