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Finance Committee

Chair - Open Position
Co-Chair - Open Position
Co-Chair- Open Position
Secretary - Open Position
Treasurer - Open Position
 
Capron Ridge HOA budget committee can be made up of members of the board, members of the homeowner's association, or a combination of the two. Members of the committee should not have a personal interest in how funds are spent. Ideally, they should be responsible individuals with budget experience to help them make the decisions that guide the HOA's spending. The HOA Treasurer should be on the budget committee and may be the chairperson of that committee.
 
Committee responsibilities shall include;
  • Assessing the funds necessary to complete maintenance over the upcoming year.
  • Monitor the financial performance of the Association throughout the year by reviewing monthly financial statements and recommending action to the BoD on any variances
  • Monitor compliance by the Association with all legal reporting requirements
  • Obtaining estimates for regular services to help ensure that the HOA is receiving the best savings for its needs
  • Obtaining estimates for projects and services that will need to be completed in the upcoming year, but which are not completed regularly
  • Discuss how to raise funds when the reserve is not adequate to covering the year's needs, including recommendations for cutting costs in some areas, raising dues, or assessing a one-time fee for homeowners
  • Estimating the reserve that needs to be kept in the budget in case of unexpected expenses, including natural disasters that are common to the area
  • Setting long-term financial goals for the HOA. This might include setting aside funds each year for long-term projects or for future repairs
  • Monitor adherence to the budget and ensure that the HOA is sticking to the guidelines created by the budget committee. 
  • Review annual budget before final BoD approval
  • Review vendor contracts, invoices and work orders to ensure the Association continues to receive required services in a timely manner at a fair and reasonable cost