|
Mission Statement: The Grayhawk HOA Financial Committee is responsible for ensuring that association dues received are properly accounted for and efficiently used to maintain and develop Grayhawk to the benefit of all homeowners.
Roles and Responsibilities:
- Work with the Property Manager to develop an annual budget for Board approval, taking into consideration contractual obligations of the Association, input from the various committees and Property Manager, known requirements of the Association, and direction from the Board.
- The Committee will thoroughly review recommendations made to it and forward their recommendations to the Board to allow the Association to live within its means and balance the budget.
- Recommend the amount of the annual assessment that property owners must pay. Should special assessments seem to be a possibility, the Committee should work with the Property Manager to develop specific recommendations.
- Review each month's financial statements and advise the Property Manager of errors or problems noted.
- Ensure that the Board's collection and spending policies are consistently applied.
- Provide guidance to the Board through its ongoing review of the financial status of the community, as well as its recommendations regarding means of improving that financial position.
- Maintain oversight of the Association's Reserve funds to ensure that they are properly maintained and allocated and that necessary changes are recommended.
- Establish guideline for non-recurring expenses
- Monitor and track project spending and proposed budget justification of association committees
- Provide support and information resources when projects requiring financial expenditure are proposed
- Review the annual audit of the Associations financial records and advise the Board of any problems noted in the audit, including corrective actions that should be taken.
- Conduct reserve reviews and vendor reviews.
- Prepare Minutes for each committee meeting and forward, on a timely basis, to the committee’s Board Liaison.
|
