Finance Committee Background and Responsibilities
The Finance committee was established in 2007 when the HOA took over complete control and responsibility from the community developer. The Finance Committee is responsible for ALL Policies related to the operations of the Cape Royal HOA annual budget and monthly reconciliation. All Policy changes must be reviewed and approved by the Finance Committee. This committee does not have specific tasks assigned to individual members on the committee, however, each committee member has extensive Accounting and Finance backgrounds and provide guidance and general accounting principles to the HOA. The Finance Committee meets on the second Tuesday of each month at 5 PM in the Cove at the clubhouse. Finance Committee Responsibilities are as follows:
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Ensures conformance with legal responsibilities and reviews all contracts
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Manages HOA finances (AR,AP, GEN Accounting, etc.)
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Develops annual budgets
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Contract Management for the community
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Develops and manages fiscal responsibilities (Assets and Liabilities for the Cape Royal HOA Budget)
Understand the issues relative to its scope responsibilities by communicating with the BOD and HOA membership.
Develop and manage the approved annual Budget.
Develop tactical plans specific to the budget, committee plans and objectives.
Execute plans utilizing project management skills.
Manage BOD approved 3rd party contracts.
Periodically assess future requirements of the Committee’s long range planning and communicating to the Board.