Finance Committee
Finance Committee Charter
MISSION STATEMENT
The primary role of the Finance Committee is to provide financial oversight for the organization in an advisory role only. The committee will review the finances of the HOA and make recommendations to the Board of Directors. ypical areas of review include, but are not limited to, budgeting and financial planning, long-range planning and reserve study analysis, financial reporting, and the annual audit. The Finance Committee will also review and make recommendations regarding internal controls and accountability procedures.
MEMBERSHIP COMPOSITION AND ELIGIBILITY
The committee shall be comprised of 5-9 members; one of whom will be the Ravinia HOA Treasurer who shall serve as chairperson of the committee.
- The Board of Directors will solicit residents interested in serving on the Finance Committee prior to their first Board meeting of the year and approve the committee membership list for that calendar year at the January Board meeting.
- Additional members may be considered throughout the year at the equest of the committee chairperson.
- Committee membership is for the calendar year.
- Committee members may serve more than one term on the committee.
- Any Ravinia Villas owner who is current on their Ravinia HOA fees and has no outstanding fines will be eligible to serve on the committee except for current members of the Board of Directors other than the Treasurer.
- A financial background is helpful but not required.
RESPONSIBILITIES
- Make recommendations to the Board of Directors regarding budget procedures, financial control, accounting practices and work orders.
- Review and recommend a long-range financial plan for the HOA.
- Review and recommend an annual operating budget and annual capital budget consistent with the long-range financial plan and financial policies of the Association. This includes advising the Board regarding Association Assessments and Special Assessments based on the budgetary needs of the Association.
- Review the performance of the Association’s invested funds and banking relationships on a quarterly basis and advise the Board of Directors accordingly.
- Review and analyze the results of our Reserve Studies to ensure that the list of the components in the Reserve Study is current, accurate and complete and that the Association is positioned to meet its operating requirements in in the next ten years. This review should be done as needed but minimally every six months.
- Review and analyze the HOAs current reserves every six months to ensure that sufficient reserve funds are available for current and future operations. The review should leverage the data provided from the OA reserve studies on file.
- Assist in the education of our owners on financial issues which arise, especially those which must be voted on, including but not limited our annual budget.
- The committee shall meet monthly, unless modified by the Committee Chair.
Committee Documents
Click the links below to access current committee documents:
Contact Committee Members
For questions or comments, you may contact the committee via email: committee@raviniavillashoa.org