By Bill Wethe
Finance Advisory Committee Chair
As published in The View, September 2020:
Thank you, Steve Proia, for your service to the community, FAC, and the FAC Subcommittee since December 2017. I will miss your commitment, expertise, and responsiveness. With Steve’s resignation effective August 22, 2020, 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 the author if you would like to discuss completing an Advisory Committee Interest Form. I would be pleased to talk about any questions you may have and provide you important information to aid you in your decision-making.
During August, 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 July 2020 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 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 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 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 of the 2020 Forecast (7+5) of the Operating Fund and Replacement Fund as compared to the 2020 Budget and the 2020 Forecast (6+6) prepared by the Controller.
- Preparation of the Management Discussion and Analysis (MD&A) of the 2020 Forecast provided to the Board.
- Review and recommend Board approval of the July 2020 bank statements, bank reconciliations, and investment account statements.
- Regular meeting of FAC held on August 21, 2020, using audio and video conference call.
- For the Board meeting on August 31, 2020:
- Preparation of the FAC monthly written report to the Board.
- Review of the Controller’s monthly written report to the Board.
Work in Process
FAC and the FAC Subcommittee have several items we are working on including:
- 2021 Reserve Study.
- 2021 Budget.
- Review and written comments and recommendations to the Board on the potential contract for bulk internet service with Frontier Communications of America, Inc.
- Review and written comments and recommendations to the Board on other potential contracts that the Association is considering.
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 email@example.com.