By Bill Wethe
Finance Advisory Committee Chair
As published in The View, March 2021:
Work Completed
During the month of February 2021, the FAC and FAC 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 of the unaudited January 2021 Association financial statements including the:
- financial statements and supplementary schedules 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 General Manager’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:
- 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 recommend Board approval of the January 2021 bank statements, bank reconciliations, and investment account statements.
- Review and recommend Board approval of a written agreement to engage a firm to provide non-judicial foreclosure services approved by Board on January 25, 2021.
- Board approved proposed revisions to the following items on January 25, 2021:
- FAC Charter and Mission – FAC BAF 2021 # 1.
- FAC Subcommittee Charter and Mission – FAC BAF 2021 #2.
- Association Procurement Policy – FAC BAF 2021 #3.
- Special meeting of FAC held on February 3, 2021, via audio and video conference call.
- Regular meeting of FAC held on February 19, 2021, via audio and video conference call.
- For the Board meeting on February 22, 2021:
- Preparation of the FAC monthly written report to the Board.
- Review of the General Manager’s monthly written report to the Board.
Work in Process
Review and recommendation to the Board on the:
- 2020 audited financial statements.
- 2020 Federal and California tax returns.
Upcoming Work
Insurance renewal in April 2021.
FAC Members
FAC has seven members, and we have Board approval for a total of nine members. So, we have two openings, and we would love to hear from you. We are looking for owners who have a background including accounting and financial reporting and 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.
Further information
Additional FAC Members: Larry Anderson, Bob Giovannettone, 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.