Finance Advisory Committee – August 2021

By Bill Wethe
Finance Advisory Committee Chair

As published in The View, August 2021:

FAC members

On June 28, 2021, the Board approved the addition of two new FAC members: Mike Nilsson and Todd Murphy. Welcome, Mike and Todd! We appreciate your interest in serving our community. FAC has eight members, and we have Board approval for a total of nine members. We are looking for owners who have a background including accounting and financial reporting, and an interest in serving on the FAC or on its Subcommittee on the Reserve Study. Please contact the author if you would like to discuss completing an Advisory Committee Interest Form.

Work Completed

During the month of July 2021, the FAC and its Subcommittee 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, subject to audit, of the unaudited June 2021 financial statements of the Association including the:
    • financial statements and supplementary schedules.
    • combining and combined financial statements and supplemental financial information schedules included in the Treasurer’s report.
    • condensed financial information of the Association to be published in The View magazine.
  • Review of the year-to-date variance analysis prepared by the General Manager on the:
    • 2021 Operating Fund revenues and expenses.
    • 2021 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 and written recommendations on the 2021 Forecast (6+6) of the Operating Fund and Replacement Fund as compared to the 2021 Budget and the 2021 Forecast (5+7).
  • Preparation of the Management Discussion and Analysis (MD&A) of the 2021 Forecast (6+6) as compared to the 2021 Budget and the 2021 Forecast (5+7) provided to the Board.
  • Review and written recommendations to the Board on proposed BAFs for the expenditure of funds for the replacement or major repair of real and personal property common area components identified in the Reserve Study.
  • Review and recommend Board approval of the June 2021 bank statements, bank reconciliations, and investment account statements.
  • Conference call with Comerica Securities, the Replacement Fund investment manager, on July 23, 2021 to review investment performance and investment recommendations.
  • Regular meeting of FAC held on July 23, 2021, using audio and video conference call.
  • Preparation of the FAC monthly written report to the Board for its meeting on July 26, 2021.

Upcoming Work

  • Review and written recommendations to the General Manager and the Board on the drafting of the 2022 Reserve Study.
  • Review and written recommendations to Troon, the General Manager, and the Board on the drafting of the 2022 Budget.

Further information

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

Contact the author at