Budget & Finance Committee
The Budget and Finance Committee oversees the fiscal health of the community. The Committee reviews the monthly balance sheets, income and expense reports and delinquencies and works with Committees and Association Management to fund projects throughout the property. The Committee reviews the Draft Budget prepared by Association Management and makes recommendations to the Board of Trustees for approval. The Budget and Finance Committee is responsible for looking over the Reserve Report to ensure funding when components of the property need to be replaced. Monthly and quarterly reviews of the Replacement Reserve investments keeps the Board informed on how the investments are performing.
|Budget & Finance Committee Charter (May 2003)|
The Board of Trustees upon recommendation from the Committee Chairman or the Treasurer shall approve all members that serve on the Budget & Finance Committee. The Officers of the Committee shall consist of a Chairman, Vice Chairman, and a Secretary. The Secretary shall be responsible for the monthly meeting minutes and keeping the minute book. The Committee shall meet on a regular basis based upon the needs of the Association. The Treasurer shall be responsible for establishing a regular meeting date and calling meetings out of sequence. Special Meetings of the Committee shall be held when called by the Committee Chairman, the Board of Trustees, or two or more committee members of the committee, after not less than three (3) days notice to each member of the committee.
The duties of the Budget and Finance Committee shall be as follows:
Ensure the implementation of the annual operating budget
Create a draft annual budget for Board approval
Review insurance policies annually
Review the Replacement Reserve Schedule annually
Review the Annual Audit each fiscal year
Quarterly monitoring of the Investment Policy
Process budgetary requests from all Ashburn Farm Committees
Work with the Board for "out of budget" expenses
The Committee shall report to the Board of Trustees at each monthly meeting.
All recommendations to the Board of Trustees shall be at an open meeting.