By Bill Wethe
Finance Advisory Committee Chair
We Would like to Add More Members
As you may have already read or heard, FAC has three openings on the Committee and we are interviewing one candidate at this time. We would love to hear from you if you have an interest in serving on the FAC or on the FAC Subcommittee. Please contact me at the email below if you would like to discuss completing an Advisory Committee Interest Form.
Work Completed
During the month of April, 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 March 2020 financial statements of the Association 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 financial information on financial position and results of operations included in the Controller’s report to the Board.
- condensed HOA 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.
- 2020 Replacement Fund expenses and inter-fund transfers to the Operating Fund.
- Review of the 2020 Forecast (3+9) of the Operating Fund and Replacement Fund as compared to the 2020 Budget prepared by the Controller. For more information, please read the message from the Treasurer posted on the HOA’s website.
- Review and recommend Board approval of the March 2020 bank statements, bank reconciliations, and investment account statements.
- Regular meeting of FAC held on April 24, 2020.
- For the Board meeting on April 27, 2020:
- Prepare the FAC monthly written report to the Board.
- Review of the Controller monthly written report to the Board.
- Review and written recommendation to the Board on the insurance renewal effective April 22, 2020, including review of coverage, limits, sub-limits, deductibles, and pricing. The updated certificates of insurance are posted on the HOA website.
- Review and approve the Controller memo to a unit owner on property insurance and earthquake insurance limits which has been posted on the HOA website under Finance News.
- Review and written recommendation to the Board and Landscape Advisory Committee on the renewal and modification of the contract with the landscape maintenance contractor.
Work in Process
The FAC and the FAC Subcommittee have several items we are working on including:
- Contract renewal for property protection.
- Initial work on the 2021 Reserve Study including review of estimated remaining useful life and estimated replacement cost of long-lived assets.
Further Information
If you have any questions, please contact me.
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.