
SPECIFIC RESPONSIBILITIES:
- Recommending policies that maintain and improve the financial health and integrity of the POA.
- Reviewing and recommending a long-range financial plan for the POA.
- Reviewing and recommending an annual operating budget and annual capital budget consistent with the long-range financial plan and financial policies.
- Reviewing and recommending capital expenditures and unbudgeted operating expenditures that exceed property management’s spending authority.
- Reviewing and recommending capital expenditures and unbudgeted operating expenses that, per Board-approved policy, are above property management’s authority, but below the threshold required for Board approval.
- Reviewing the financial ramifications of major proposed transactions, new programs or services, as well as proposals to discontinue programs or services, and providing Board with action recommendations.
- Monitoring the financial performance and health of the POA as a whole and its major vendors and accounts against approved budgets, long-term trends, and industry benchmarks.
- Requiring and monitoring corrective actions to ensure that the POA remains in compliance with its budget and other financial targets.
- Reviewing vendors’ contracts and ensuring they remain viable, necessary and financially sound.
COMPLIANCE:
The Finance Committee is not authorized to financially or legally obligate the POA in any manner (i.e. contract for services, hire contractors, borrow money, purchase equipment or supplies, or approve such a request on behalf of the BOD) unless it has been specifically approved in the Annual Plan and Budget for the Committee or separately approved by the BOD. The committee shall meet at least once a quarter for review and discussion of assigned tasks.
This Committee is responsible for recommending and monitoring financial policies, goals, and budgets that support the mission, values, and strategic goals of the POA. The Committee also reviews vendor's contracts, invoices, and work orders to ensure that the POA continues to receive required services in a timely manner that are consistently value-add and at a fair and reasonable cost. It also monitors the financial health of all capital accounts against its goals and the annual budgets and will assist the Treasurer in his/her duties.