Finance Advisory Committee – August 2020

By Bill Wethe
Finance Advisory Committee Chair

FAC Members

As you may already know, Carey Thompson has replaced Bruce Marley as Treasurer on the Board. Thank you, Carey, for your 2-1/4 years of service to FAC and the community!

You may also know the Board approved the recommendation to add two new members to FAC on June 29, 2020. Welcome, Mike Whelan and Bruce Marley, to the Committee! FAC now has one opening 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. Please contact me if you would like to discuss completing an Advisory Committee Interest Form. I would be pleased to discuss any questions you may have and provide you important information to aid you in your decision making.

Work Completed

During the month of July, the FAC continued its work with the Board as well as with DRM and Troon management, on behalf of the Association, including:

  • Review and recommend Board approval of the unaudited June 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 the HOA’s financial position and results of operations included in the Controller’s report to the Board.
    • condensed Association financial information to be published in The View.
  • Review the year-to-date variance analysis prepared by the Controller on the:
    • 2020 Operating Fund revenues and expenses.
    • 2020 Replacement Fund expenses for the purchase and replacement of common area real property components and inter-fund transfers to the Operating Fund for the purchase and replacement of common area personal property and equipment components.
  • Review the 2020 Forecast (6+6) of the Operating Fund and Replacement Fund as compared to the 2020 Budget and the 2020 5+7 Forecast prepared by the Controller.
  • Review and recommend Board approval of the June 2020 bank statements, bank reconciliations, and investment account statements.
  • Regular meeting of FAC held on July 21, 2020, through an audio and video conference call.
  • For the Board meeting on July 27, 2020:
    • Preparation of the FAC monthly written report to the Board.
    • Review of the Controller monthly written report to the Board.

Work in Process

FAC and the FAC Subcommittee have several items we are working on including:

  • Initial work on the 2021 Reserve Study component analysis including review of estimated remaining useful life and estimated replacement cost of common area real property components.
  • Review and written comments plus recommendations on the potential contract for bulk internet service with Frontier Communications.

Further Information

Additional FAC Members: Larry Anderson, Steve Proia, Bob Giovannettone, Bob Jester, Jerry Cavoretto, Mike Whelan, and Bruce Marley. FAC Subcommittee Members on the Replacement Fund and Reserve Study: Chris Stevens, Don Salvatore, Steve Proia, Bruce Marley, and Bill Wethe, Chair.

Contact the author at finance@scshca.com.