Member
Date/Time: Prior to the fifteenth of Every Month at 4:30 pm
Place: HROA Member Services Office Conference Room
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Any member who would like to join and/or just sit in during one of our monthly meetings is welcomed to do so.
The Finance Committee is an Executive Committee as this term is defined within California Civil Code and the Association’s Bylaws. As such, the Finance Committee is delegated specific responsibilities by the HROA Board of Directors, which is summarized in this document for reference. The Finance Committee’s primary purpose is to provide general supervision of all Association finances, subject to the approval of the board.
The Finance Committee is advisory in nature. The Committee and each member serve at the pleasure of the HROA Board of Directors. Committee members may not make final decisions on any matters, expend HROA funds, or speak on behalf of HROA, without the prior approval of the Board of Directors as may be documented in meeting minutes. The Finance Committee shall advise the Board on financial matters that affect Heritage Ranch Owners Association.
HROA Bylaws Article X, Section 3
The Board of Directors shall appoint annually, from the Board; two (2) persons, one (1) of whom shall serve as Chairperson and one (1) of whom shall serve as Co-chairperson; and from the membership-at-large in good standing, three
(3) additional persons to act as a Finance Committee. The Treasurer and Association Manager shall be ex-officio members of the Finance Committee. The Finance Committee shall have the general supervision of the Association finances and shall make reports and recommendations thereon from time to time, either on its own initiative or at the request of the Board. It shall receive a duplicate copy of all annual budgets submitted by the various committees and prepare a budget of the Association operations, including the actual receipts and expenditures, under appropriate headings, for the past two (2) years for the purpose of comparison by the Board, which budget shall be submitted to the Board prior to the 4th Tuesday in March of each year, and the Finance Committee shall assist the Board in adopting a final budget for the forthcoming year.
The Finance Committee shall approve, through its chairperson or acting chairperson, payment of all bills and accounts of the Association in excess of One Thousand Dollars ($1,000.00) for any particular bill, and refer and report to the Board on all expenditures requested or incurred in excess of the adopted budget. The Finance Committee shall have the power to institute and modify methods of accounting and handling of the Association’s finances, subject to approval of the Board. It shall cause an annual, independent audit to be made of the books and accounts of the Association by a certified public accountant, which shall be completed before the annual meeting of each year, or such other time as designated by the Board. The Finance Committee shall cause to be prepared, subject to the approval of the Board, the form of monthly, quarterly, semi-annual and annual financial reports to be submitted to the Board or the Members by the various officers and committees.
The Finance Committee shall meet on or before the fifteenth (15th) day of each month for the performance of its duties. It shall select its own Secretary and shall keep permanent records of the Finance Committee’s proceedings and reports. The Chairperson shall make a summary report of business transactions to the Secretary of the Board of Directors at least ten (10) days prior to each Quarterly Board Meeting.
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