Finance Committee

The Financial Committee plays a crucial role within the Homeowners Association (HOA) Board, shouldering important responsibilities related to the organization's fiscal well-being. As a diligent and dedicated group, they ensure the prudent management and oversight of the HOA's finances, fostering transparency and accountability to benefit all members of the community.

 

Responsibilities include:

• Develop and review the annual budget
• Monitor the HOA's financial health by regularly reviewing financial statements, bank reconciliations, and other pertinent financial documents.
• Maintain an active role in managing the HOA's reserve funds by assessing the community's long-term maintenance and repair needs, and developing a comprehensive reserve plan. 
• Assist in establishing and implementing fair and consistent policies for collecting fees from homeowners, overseeing the collection of assessments and dues.
• Work closely with the HOA management company, if applicable, to ensure timely invoicing and collection, follow up on delinquent accounts, and enforce necessary penalties or legal actions when required.
• Collaborate with external auditors or accountants to conduct annual audits or reviews of the association's financial records.