Finance Advisory Committee – February 2020

By Bill Wethe
Finance Advisory Committee Chair

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. The estimated time commitment is 15 to 20 hours per month.

Work Completed

During the month of January, 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 December 2019 Association financial statements including the:
    • financial statements prepared by DRM/Associa, Troon, and the Controller.
    • combining and combined financial statements included in the Association 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 Association financial information to be published in The View magazine.
  • Review of the monthly and year-to-date variance analysis prepared by the Controller on the 2019 Operating Fund revenues and expenses.
  • Review of the year-to-date variance analysis prepared by the Controller on the 2019 Replacement Fund expenses and interfund transfers to the Operating Fund.
  • Review of the 2019 annual results of the Operating Fund and Replacement Fund as compared to the 2019 Forecast (11+1) prepared by the Controller.
  • Regular meeting of FAC on January 24, 2020.
  • Preparation of the FAC monthly written report to the Board for its meeting on January 27, 2020.
  • Review of December 2019 bank statements, bank reconciliations, and Replacement Fund investment account statements.
  • The Board approved the FAC proposed revisions to the Charter and Mission for the FAC and the Charter and Mission for the FAC Subcommittee on the Replacement Fund and Reserve Study (Subcommittee).
  • The Board approved the written recommendations from the FAC and the Subcommittee in the preparation of Board Action Forms requesting expenditures from the Replacement Fund for replacement or major repair of common area real and personal property components.
  • Conference call with Comerica Securities, the Investment Manager for the Association’s Replacement Fund, including review of the portfolio performance report as of December 31, 2019, and investment recommendations for 2020.

Work in Process

FAC has several items we are working on including:

  • The 2019 Audit is underway. Interim work was completed in December. We plan to issue the 2019 audited financial statements by Friday, February 28, 2020.
  • Interview of candidates for FAC who have prepared and submitted an Advisory Committee Interest Form.

Further Information

Please review minutes of our monthly meetings and written reports to the Board included in Board meeting packages on the Association’s website.

Additional FAC Members: Larry Anderson, Steve Proia, Carey Thompson, Bob Giovannettone, and Bill Ferstenfeld.
FAC Subcommittee Members on the Replacement Fund and Reserve Study: Chris Stevens, Don Salvatore, Steve Proia, Carey Thompson, and Bill Wethe, Chair.
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