Finance Team |
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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) |