By Bill Wethe
Finance Advisory Committee Chair
As published in The View, July 2021:
FAC Members
FAC is in the process of interviewing three candidates. FAC has six 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 June 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 May 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.
- summary financial information on financial position and results of operations included in the General Manager’s report.
- condensed Association financial information 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 (5+7) of the Operating Fund and Replacement Fund as compared to the 2021 Budget and the 2021 Forecast (4+8).
- Preparation of the Management Discussion and Analysis (MD&A) of the 2021 Forecast (5+7) as compared to the 2021 Budget and the 2021 Forecast (4+8) 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 May 2021 bank statements, bank reconciliations, and investment account statements.
- Review and written recommendations to the Board on engagement of a Reserve Study consultant and parameters for the 2022 Reserve Study.
- Regular meeting of FAC held on June 18, 2021, using audio and video conference call.
- Special meeting of FAC held on June 8, 2021, using audio and video conference call.
- For the Board meeting on June 26, 2021:
- Preparation of the FAC monthly written report to the Board.
- Review of the General Manager monthly written report to the Board.
Upcoming Work
- Review and written recommendations to 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, and Bruce Marley. FAC Subcommittee Members on the Replacement Fund and Reserve Study: Chris Stevens, Don Salvatore, Bruce Marley, and Bill Wethe, Chair.
Contact the author at finance@scshca.com.