Finance Committee - Anchors Landing Homeowners Association, Inc. ANC

Finance Committee
Chairman	John Schmonsees	schmonsees@yahoo.com	607-372-6980
	Stacy Cooke	stacy@jscooke.com	828-612-5197
	Tom Thuss	hoa.tom.thuss@gmail.com	828-757-4046

The Finance Committee is responsible for the preparation and submission of a proposed budget to the Board of Directors for formal approval. It is the duty of the Finance Committee to analyze, track, and report the actual revenue and expense against the budget and to propose revisions to the budget when significant changes occur. It also provides advice to the Board regarding financial policies and strategies that support the mission, values, and goals of the Association.

Charter: Budget & Finance Committee

Amended 12/22/21*

Purpose:

The Budget and Finance Committee is established to provide advice to the Board with regard to financial policies, goals, and budgets that support the mission, values, and strategic goals of the Association.

Responsibilities:

Specific responsibilities of the Budget and Finance Committee include:

Coordinate, in collaboration with the Board and other committee chairs, preparation of proposed annual operating budget for presentation to the Board

Make specific recommendations for the subsequent fiscal years operating budget and annual capital budget consistent with the Association's long-range financial plan and financial policies.

Review the current budget and monthly financials so as to monitor the financial performance of the Association against approved budgets, long- term trends, and applicable benchmarks.

Review and make recommendations regarding proposed expenditures of association funds which are not budgeted, or which are out of the ordinary for the Association, as requested by the Board.

Plan for the future financial health of the association, as requested by the Board.

Make recommendations on investment of Association funds.

Assure completion of Annual Financial Review

Recommend policies that maintain and improve the financial health and integrity of the organization.

Organization:

The Committee shall consist of at least three, but not more than five persons.

The Board's Treasurer is member of the committee.

Membership on the Committee shall be limited to Owners who are in good standing with the Association

The Committee shall review all volunteer applications for the Budget & Finance Committee and fill vacancies as needed pursuant to Board approval. The committee should seek members with backgrounds in finance, accounting, business, investment management, executive leadership, and business ownership.

Each homeowner on the committee shall have one vote.

The Vice Chairperson and Secretary of the Committee shall be voted on by the committee, submitted for approval to the Anchors Landing Board, and be held by any member of the committee.

Election of committee officers shall be held at the beginning of each fiscal year (one-year term) with no person being elected for more than two consecutive terms unless no other individual expresses a desire to fill the vacancy.

Inactive members (two consecutive unexcused meeting absences) can be replaced by a simple majority vote of the committee.

Subcommittees can be organized on a project-by-project basis at the discretion of the Budget & Finance Committee. Said subcommittees are the responsibility of the Budget & Finance Committee.

Budget & Finance Committee is advisory in nature and serves at the pleasure of the Anchors Landing Board of Directors.

Committee members may not make final decisions on any matters, expend funds, or speak on behalf of the community, without the approval of the Board of Directors.

The committee serves in a volunteer capacity at the discretion of the Board of Directors and receive no compensation.

Operation:

The committee will receive and review monthly, quarterly, and annual financial statements

The Committee shall meet as needed to fulfill its' charter but not less than quarterly.

All matters shall be decided by a simple majority (51%) of voting members present provided there is a quorum of at least 51% of its members. If there is no quorum, an email vote shall prevail. Votes will then be accepted by the secretary for one week following the meeting.

The Committee Chair, or their designate, shall make a report of the committee's actions to the Board at its monthly meeting.

The Committee Chair will review and sign off on the committee meeting minutes so that the Board can receive and review the progress of the committee's assigned tasks and projects.

* Amended 12/22/21 to make Board Treasurer a voting member of the committee