By Bill Wethe
Finance Advisory Committee Chair
As published in The View, November 2020:
FAC Members
FAC now 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. Please contact me if you would like to discuss completing an Advisory Committee Interest Form. I would be pleased to go over any questions you may have and provide you with important information to aid in your decision‑making.
Work Completed
During the month of October, 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:
- On the 2021 Reserve Study:
- Review and recommend Board approval.
- Preparation of comparative financial analysis of the Reserve Studies for the years 2013 through 2021.
- On the 2021 Budget:
- Written recommendations and attendance at the Board budget review meeting on October 20, 2020.
- Preparation of comparative financial analysis of the Budget for the years 2013 through 2021.
- Review and recommend Board approval.
- Review and recommend Board approval of the Association’s unaudited September 2020 financial statements including the:
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- 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 the 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.
- Review of the year-to-date variance analysis prepared by the Controller on the:
- 2020 Operating Fund revenues and expenses.
- 2020 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 2020 Forecast (9+3) of the Operating Fund and Replacement Fund as compared to the 2020 Budget and the 2020 Forecast (8+4) Forecast prepared by the Controller.
- Preparation of the Management Discussion and Analysis (MD&A) of the 2020 Forecast (9+3) provided to the Board.
- Review and written recommendations 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 September 2020 bank statements, bank reconciliations, and investment account statements.
- Regular meeting of FAC held on October 23, 2020, via audio and video conference call.
- For the Board meeting on October 26, 2020:
- Preparation of the FAC monthly written report to the Board.
- Review of the Controller monthly written report to the Board.
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.