By Larry Anderson and Larry Helseth
Finance Advisory Committee Co-Chairs
As published in The View, November 2021:
The Finance Advisory Committee (FAC) is one of the standing committees established in our Bylaws and charged to make recommendations to the Board on financial matters.
At present, the FAC accomplishes this mission in many ways: financial reviews, analysis, auditing, compliance, research, and special studies with Best Practices recommendations.
Each month a flood of over 60 financial documents is prepared by our HOA management company, golf management company, investment bank, insurance agent, contractor bids, and reserve consultant. To save the Board time, the FAC reviews all these documents for accuracy. Any imbalances or errors are corrected before forwarding them to the Board.
The FAC also reviews all contracts to ensure financial compliance with the CC&Rs and Rules & Regulations, and makes recommendations accordingly.
In coming months, we will discuss FAC’s activities in other areas of responsibility. But it is important to keep in mind that your elected Board makes all the decisions. The FAC can only make recommendations. This is why our conclusions are not published in The View. The Board, and rightly so, need not accept the FAC’s position.
In our current meetings, the FAC is reviewing the 2022 budget and the 2022 Replacement Fund Reserve Study plus participating in the Food and Beverage Special Subcommittee.
FAC Members: Larry Anderson and Larry Helseth Co-Chairs, Bob Jester, Jerry Cavoretto, Mike Whelan, Mike Nilsson, Todd Murphy, and FAC Subcommittee Members on the Replacement Fund and Reserve Study: Chris Stevens and Don Salvatore.
Contact the author at finance@scshca.com.