Finance Advisory Committee – May 2021

By Bill Wethe
Finance Advisory Committee Chair

As published in The View, May 2021:

Work Completed

During the month of April 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, subject to audit, of the unaudited March 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 (3+9) of the Operating Fund and Replacement Fund as compared to the 2021 Budget and the 2021 Forecast (2+10).
  • Preparation of the Management Discussion and Analysis (MD&A) of the 2021 Forecast (3+9) as compared to the 2021 Budget and the 2021 Forecast (2+10) 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 March 2021 bank statements, bank reconciliations, and investment account statements.
  • Regular meeting of FAC held on April 23, 2021, using audio and video conference call.
  • Conference call with Comerica Securities, the Replacement Fund investment manager, on April 23, 2021.
  • Review and written recommendations to the Board on insurance renewal as of April 22, 2021.
  • For the Board meeting on April 26, 2021:
    • Preparation of the FAC monthly written report to the Board.
    • Review of the General Manager’s monthly written report to the Board.

Upcoming Work

  • Review of 2021 estimate of taxable income and estimated income tax payments.
  • Review and written recommendations to the Board on parameters for the preparation of the 2022 Reserve Study.

FAC Members

FAC has six members, and we have Board approval for a total of nine members. So we have three openings, and we would love to meet with you. We are looking for owners who have a background that includes 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 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