Finance Advisory Committee – September 2021

By Larry Anderson and Larry Helseth
Finance Advisory Committee Co-Chairs

As published in The View, September 2021:

FAC Members

Larry Helseth returns to the FAC with the resignations of Bruce Marley in July and Bill Wethe in August. Larry previously served on FAC in 2016 through 2018. We now have seven members and Board approval for a total of nine members. As of this writing, we are interviewing one candidate. We are always looking for owners who have a financial background including accounting and financial reporting and an interest in serving on the FAC or on its Subcommittee on the Reserve Study. Please contact either of the Co-Chairs if you would like to discuss completing an Advisory Committee Interest Form.

Work Completed

During the month of August 2021, the FAC and its Subcommittee continued their work including:

  • Review and recommend Board approval, subject to audit, of the unaudited July 2021 financial statements including the:
    • Combining and combined financial statements and supplemental financial information schedules.
    • Condensed financial information for The View magazine.
  • Review of the year-to-date variance analysis 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 (7+5) as compared to the 2021 Budget and the 2021 Forecast (6+6).
  • Preparation of the Management Discussion and Analysis (MD&A) of the 2021 Forecast (7+5) as compared to the 2021 Budget and the 2021 Forecast (6+6) 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 July 2021 bank statements, bank reconciliations, and investment account statements.
  • Regular meeting held on August 20, 2021.
  • Preparation of the monthly written report to the Board for its meeting on August¬†30,¬†2021.
  • Review of Q2 2021 HOA insurance market renewal update from the insurance agent with written recommendations for the 2022 Budget.
  • Preparation of articles for Finance News on two new members and Replacement Fund investment in equity index funds.

Work in Process

  • Review and written recommendations to the General Manager and the Board on the drafting of the 2022 Reserve Study.
  • Review and written recommendations to Troon, the General Manager, and the Board on the drafting of the 2022 Budget.
  • Mike Nilsson has volunteered to join the new Ad Hoc Advisory Committee studying the possible expansion and renovation of Shadows Restaurant.

Further Information

Additional FAC Members: Bob Jester, Jerry Cavoretto, Mike Whelan, Mike Nilsson, and Todd Murphy. FAC Subcommittee Members on the Replacement Fund and Reserve Study: Chris Stevens, Don Salvatore, Bob Jester, Mike Whelan, and Larry Helseth, Chair.

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