PURPOSE OF THE FINANCE COMMITTEE
The primary purpose of the Readers Branch Finance Committee (“Committee”) is to facilitate the two-way communication of ideas, priorities and concerns regarding the Association’s finances through the role of liaison between the property owners of Readers Branch (“Owners”) and the Readers Branch Board of Directors (“Board”). The Committee serves at the direction and pleasure of the Board and may, from time-to-time, be tasked by the Board with specific projects intended to benefit all Owners. Neither the Committee, nor its members, have authority to enforce the Readers Branch Declaration or Standards nor shall they attempt to speak for the Board or the Readers Branch Homeowners’ Association (“Association”). The Committee shall have no authority to bind the Association financially or contractually, unless authorized by the Board.
DUTIES OF THE COMMITTEE:
ACT as the liaison between the Owners and the Board.
UNDERSTAND the governing documents, operating budget, financials, and reserve needs of the community.
ENCOURAGE constructive participation from the Owners to communicate cost-effective strategies that will protect and enhance the financial position of Readers Branch and ASSIST the Owners in presenting their ideas, priorities, and concerns to the Board in a format that provides the Board with enough information to make adequate, informed, and appropriate decisions.
DEVELOP & FOSTER communication that increases the Owners’ knowledge and understanding of the Readers Branch Homeowners Association (“Association”) financial and budgeting practices and the fiduciary obligations of the Board.
MONITOR the ongoing revenue and operating expenses and provide feedback and recommendations to the Board.
COORDINATE with all other Committees to prepare and submit a proposed budget of each Committee’s expenses to the Community Manager by September 1st of each year.
REVIEW the annual draft budget as prepared by the Community Manager and provide feedback and recommendations to the Board.
PARTICIPATE in the development of a Reserve Study to ensure that the list of components in the Reserve Study is current, accurate and complete and that the Association is positioned to meet its operating requirements in the future.
EVALUATE, at the discretion of the Board, contracts/proposals of HOA vendors for insurance, tax return, audit and reserve study preparation and make recommendations to the Board for added content or changes.