By Bill Wethe
Finance Advisory Committee Chair
Work Completed
During the month of May, 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 April 2020 financial statements of the Association including the:
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- 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 Association financial information to be published in The View magazine.
- Review of the year-to-date variance analysis prepared by the Controller on the:
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- 2020 Operating Fund revenues and expenses.
- 2020 Replacement Fund expenses for the purchase and replacement of common area real property components and interfund transfers to the Operating Fund for the purchase and replacement of common area personal property and equipment components.
- Review of the 2020 Forecast (4+8) of the Operating Fund and Replacement Fund as compared to the 2020 Budget and the 2020 3+9 Forecast prepared by the Controller.
- Review and recommend Board approval of the April 2020 bank statements, bank reconciliations, and investment account statements.
- Regular meeting of FAC held on May 15, 2020, via audio and video conference call.
- For the Board meeting on May 18, 2020:
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- preparation of the FAC monthly written report to the Board.
- eview of the Controller monthly written report to the Board.
- Review and make a recommendation to the Board on the modification and extension of the contract with the property protection contractor.
Work in Process
FAC and the FAC Subcommittee have several items we are working on including:
- Review and written comments and recommendation on the engagement of the Reserve Consultant for the preparation and update of the 2021 Reserve Study.
- Initial work on the 2021 Reserve Study including review of estimated remaining useful life and estimated replacement cost of long-lived assets.
- Review and written comments and recommendations on the potential contract for bulk internet service with Frontier Communications.
We Would Like to Add 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. Please contact the author if you would like to discuss completing an Advisory Committee Interest Form. I would be pleased to talk about any questions you may have and provide you important information to aid you in your decision-making.
Further Information
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.