• Formation of the Financial Committee:  The President of the Board approval shall appoint three to five members of the Association to the Financial Review Committee (the "Committee") including at least one member of the Board other than the Treasurer.​

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• Summary of Duties:  This Committee shall coordinate an annual review of the Association's financial records and shall report its findings to the Board.  In addition, the Committee will review monthly financial and bank statements, make investment recommendations, and perform other duties requested by the Board.

 

• Annual Review:  The Financial Review Committee shall coordinate an annual review of the Association's financial records and shall report its findings to the Board.  The Committee may perform the review themselves, if qualified, or arrange for an independent, qualified outside party to review the financial records once the year-end financial statements are complete.  The review should be completed prior to the March Board of Directors' meeting.  In addition, the Committee shall be allowed to review the financial records at any point during the year, if so desired.

 

• Monthly Financial Statements:  The Treasurer shall prepare financial statements monthly.  A copy of the monthly financial statements shall be sent to each member of the Financial Review Committee generally by the 15th of the following month for their review/comment.  Bank statements mailed to the Association's P.O. Box shall be delivered to a designated member of the Committee for review.

 

• Investments:  The Association should maintain an appropriate level of cash to fulfill the needs of the operating budget and other planned or unplanned expenses.  Funds in excess of this amount may be placed in various conservative investment instruments.  These funds should be invested with safety of principle as the highest priority, appropriate liquidity as the second priority, and yield as the third priority.  The Financial Review Committee shall make recommendations for such investments which will then need to be approved by the Board prior to any investments being made.