By Bill Wethe
Finance Advisory Committee Chair
Welcome, Bob Jester, as a new member of FAC! Thank you, Board, for your approval of our recommendation to add Bob to the Committee on February 4, 2020. And thank you, Bob, for your interest in serving our community.
As you may have already read or heard, FAC has two 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 for major repairs and replacements and the annual reserve study. The estimated time commitment for serving on FAC is 15 hours per month.
Work Completed
During the month of February, 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 January 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 of financial information on financial position and results of operations included in the Controller’s report to the Board.
- condensed financial information to be published in The View magazine.
- Review of the year-to-date variance analysis prepared by the Controller on the 2020 Operating Fund revenues and expenses.
- Review of the year-to-date variance analysis prepared by the Controller on the 2020 Replacement Fund expenses and interfund transfers to the Operating Fund.
- Review of the 2020 Forecast (1+11) of the Operating Fund and Replacement Fund as compared to the 2020 Budget prepared by the Controller.
- Regular meeting of FAC held on February 19, 2020.
- Preparation of the FAC monthly written report to the Board for its meeting on February 24, 2020.
- Review of January 2020 bank statements, bank reconciliations, and Replacement Fund investment account statements.
Work in Process
FAC has several items we are working on including:
- 2019 audit of the financial statements and preparation of tax returns.
- insurance renewal.
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, Bill Ferstenfeld, 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.