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| Saturday, October 11, 2008
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| Author |
Messages |
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KarenS11
(Florida)
Posts:132
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| 05/14/2008 3:55 AM |
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I will be proposing that we establish a finance committee. Would any of you share your descriptions of the responsiblities for such a committee, as well as any other information that may be useful to us?
I fully expect the usual "We've never had/needed one before" and want to have a good presentation, with handouts, to show how it will benefit our HOA. |
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JoeK1
(Michigan)
Posts:29
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| 05/14/2008 6:12 AM |
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Here is what we use as the "charter" for our Budget Committee:
The Board of Directors is required each year to prepare a budget which sets forth estimated expenses for administration and operation of the condominium association during the year, including a reasonable allowance for contingencies and an appropriate contribution to a capital reserve fund for costs of future maintenance, repair, improvement and replacement of physical components of the condominium association. It is the responsibility of the Budget Committee, under the leadership of the Treasurer, to prepare an annual recommended budget to the BoD for approval.
The specific duties of the Treasurer and Budget Committee include:
- The Treasurer appoints other committee members (with board approval) to the Budget Committee to assist in the execution of the responsibilities, as necessary.
- Consults with other association committees to review their last year’s financial performance and determines their needs/wants for the upcoming budget year
- Reviews the financial statements (both the income statement as well as the balance sheet) to get a very clear picture of the association's financial position at that moment. This means including a review of the comparative budget for the current fiscal year.
- Contacts all utilities to see if they can provide estimates on how much their service are anticipated to increase in pricing for the coming year. Calculate this into the working budget.
- Reviews the most recent reserve study performed and determines if it is being properly funded.
- Develops and submits an annual budget and associated owner fees structure for the upcoming fiscal year to the BoD for approval.
- Monitors variances to the budget and submits reports at the BoD meetings.
Good Luck
JoeK
www.condopresident.com
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