AVENBURY LAKES HOMEOWNERS ASSOCIATION FINANCE COMMITTEE

MEMBERS –

Patrick Finan
Gary Hawkinson
Don Knight
Bob Mazerak
Pat McRoberts

Board Liaison – Sue Neiding

FINANCE COMMITTEE MISSION STATEMENT

Mission Statement:

The Avenbury Lakes Homeowners Association’s Board of Directors has established a Finance Committee to assist the Board of Directors. The Finance Committee will support the Board when requested on financial matters, researching ways to reduce costs and develop financial management tools (i.e., reports, charts, etc.) using available data, that could assist the Board. The Finance Committee can also review and make recommendations regarding internal controls, management company system reporting, accountability procedures, and any other task assigned by the Board. The committee will be chaired by one of its voting members with the Board Treasurer serving as an ex officio member and the committee’s Liaison to the Board.

Membership Composition and Eligibility:

Members of the Committee shall be members of the Association (owners of Record) and will be appointed by the Board annually, may be removed at any time by the Board, and shall serve for such term as may be designated by the Board or until resignation or removal by the Board. Any owner in good standing of Avenbury Lakes Homeowners Association, except for current members of the Board of Directors will be eligible to serve on the committee. The committee will consist of 5 voting members. A background in business or finance is helpful but not required. The Board of Directors will solicit owners interested in serving on the Finance Committee prior to the annual meeting and approve the committee membership list at the June Board meeting. Committee members may serve more than one term on the committee.

Committee Meetings

At least quarterly or more frequently as deemed necessary, the Committee Chairperson will prepare the meeting agenda and distribute to the members before each meeting. Due to the confidential nature of financial information discussed by the committee, all work, and discussions by the committee during the meetings are to be held in the strictest confidence. The committee will only have access to documents/information that are normally available to Association members. Further, the committee will not have authorization to change or control bank accounts, nor access to owner’s private information and management company staff hourly wage rates or salaries. The Treasurer will present the committee’s meeting minutes and report to the Board for approval. The Committee will adhere to Roberts Rules of Order during meetings. Board approved 6/19/25

Specifically, the Finance Committee will support the Board of Directors in the following activities and duties:

  1. Preparing and maintaining a Monthly and Annual Cash Flow Forecast Report vs. Budget.
  2. Provide assistance to the Board in ensuring that all balance sheet accounts are reconciled monthly with supporting details.
  3. Monitoring revenue and expenses during the year including $ variances to budget. Quarterly, identify unfavorable trends and overruns to budgets.
  4. Preparing revenue and expense category and account analyses, and special reviews of annual financial results as directed by the Board for the Annual Town Hall and Annual Owners Meeting.
  5. Aid the Board with a review to ensure maximum interest income is realized by the Association and bank balances are in compliance with FDIC limits.
  6. Submitting cost reduction recommendations to the Board with analysis.
  7. Working with the Treasurer and Community Manager to recommend to the Board a preliminary annual budget with monthly distribution of allocated amounts.
  8. As directed by the Board, assist, to the level allowed by the Board, with all agreements and plans relating to the financial condition of the HOA (including, but not limited to, Annual Board Priorities, landscape, lodge and pool maintenance, insurance policies, audits, and reserve studies).
  9. Develop proposed suggestions, to the Board, after reviewing the Capital Reserve Study and the funding targets necessary to cover major repairs and replacement of assets within the common area; analyze assessments necessary to reach those levels in the recommended time frame. The Board will determine the final assessment.
  10. Assist the Board by proposing a long-term planning process (5 years) based on the Reserve Study Results.
  11. Assist the Board in ensuring that an annual review is conducted of the Association’s financial reports as prepared by the management company and an audit of those reports is done on a periodic basis – at least every three years.
  12. Assist the Board in reviewing the accuracy of the annual CPA report and footnotes.
  13. Make recommendations to the Board, to ensure the Treasurer’s Manual is up-to-date and reflects current

Board Approved 06/19/25