HEARTWOOD COHOUSING
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Finance Team

Picture
Purpose
To keep the community in a strong financial position and on solid legal ground.

Number of Members
2 to 4

Responsibility & Authority
Manage HOA cash accounts including monthly reconciliations. Make collections for any money due to the HOA and make payments for any money we owe. – Full Authority (only Steering team has authority to disburse funds — sign checks)

Invest idle cash to maximize return in savings accounts, CD’s, money market funds, or their equivalents. – Full Authority

Invest idle cash to maximize return in more aggressive instruments which would put the principle at risk. – Full Authority (with agreement from Steering team)

Provide adequate internal controls to ensure community money and other assets are not lost. – Full Authority

Implement Budget and Assessments agreement. – Full Authority

Help teams ensure that they don’t spend more than their budget. Help teams achieve cost savings. – Full Authority (in collaboration with affected teams)

Prepare and distribute homeowners assessments. – Full Authority

Maintain financial records. Report quarterly to community on financial position including balance sheet and cash flow compared with budget. – Full Authority

Review overall Team Reserve balances at least once per year and report to community. In collaboration with other teams, review an item’s Reserve Cap and Life Cycle any time reserve money is spent for that item with an overall review to be done at least once every 5 years. Report results to community. - Full Authority

Ensure that Articles 5 and 9 and Paragraphs 4.10 and 7.8 of the covenants are followed. – Full Authority (consistent with covenants)

Revise covenants as needed. – Proposal Authority (consistent with covenants)

Act as community representative in all legal matters to ensure that our legal interests are well protected. – Full Authority

Consistent with covenants, provide all community insurance and private carports and duplex homes insurance. – Full Authority (insurance costs of private carports and duplex homes to be borne by carport and duplex home owners)
​
  • Teams Agreement
​
  • Steering Team (ST)
  • Land Stewardship Team (LST)
  • Pasture  & Agriculture Team (PAT)
  • Common House Team (CH)
  • Common Facilities Team (CFT)
  • Process & Communication Team (P&C)
  • Membership Team (MEM)
  • Celebration Team 
  • Finance Team (FT)
  • Garden & Greenhouse Team (G&G)
  • Design Review Team (DRT)
Get in touch
  • Home
  • ABOUT US
    • About Heartwood >
      • Our Story
      • Culture of Consensus
      • Newsletters
      • Heartwood in the News
      • Meet our Members
      • Our Land & Shared Amenities
      • Our Homes
      • How Heartwood Works
      • Demographics
    • About Phase 2 >
      • Phase 2 Homebuyer Commitment
      • Phase 2 FAQ
      • Vital Info for P2 Homebuyers
    • About Cohousing
    • About Southwest Colorado
    • Photo & Video Gallery >
      • People
      • Places
      • Activities
      • Yesteryear
      • Videos
    • FAQ
  • GETTING INVOLVED
    • Path to Membership
    • 4th Friday Happy Hour
    • Plan a Visit
  • What's Available
    • FOR RENT >
      • #14 - Rent
  • DOCUMENTS
    • Agreements
    • Guidelines
    • Resources
    • Decision Log
    • For New Members