Augusta Shores Finance Committee

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Mission Statement, Committee Structure and Duties

Our mission is to responsibly oversee the financial process for the Augusta Shores Owners Association (ASOA), focusing on the guidelines of Declaration and By-Laws and acting with integrity, truthfulness and good bookkeeping practices.

Membership

The Finance Committee (FC) is comprised of at least three Owner/Members of ASOA, including the Treasurer, the Insurance officer and at least one other member who is familiar with good accounting and/or business practices. The Board Liaison to the FC shall attend meetings as a non-voting member. The Treasurer will be Chair the FC, unless otherwise decided by the FC. Members are selected by the Board of Directors of ASOA (the “Board”) and serve for three years. They are an advisory body for matters pertaining to financial administration.

The chair of the Lakes Committee members is Harry Waddington. The members of the Committee are Jim Bonebrake, Mary Herl, Doug Paule and Lisa Paule. The Board Sponsor is President Ken Daming.

Purpose

The Finance Committee is part of a system of checks and balances required by good practices of a homeowners association. They meet four times a year, or as requestedby the Board. Responsibilities include:

  • Review bank statement balances for agreement with balance sheet amounts.

  • Assist the Treasurer with the Operating Plan (budget) and Long Range Plan.

  • Advise and confirm ASOA business practices are efficient, economical, legal and ethical, to the best of their ability.

Record Retention

The Finance Committee wrote a Record Retention Policy for the Association that was approved by the Board of Directors of the Augusta Shores Owners Association Board of Directors on February 13, 2016. A copy of the Record Retention Policy can be found on the Documents page of this web site or by clicking here.

Other Financial Policies, Procedures and Rules

A copy of the following Policies and Rules can be found on the Documents page of this web site or by clicking on the item Below

Check Signature Policy

Delinquent Assessment Rules

Fines and Penalties Rules

Financial Statements and Schedules

Financial Statements and schedules can be found in the password protected Members Only Section of the web site - click here.

Minutes Of Financial Committee Meetings

Minutes of the Financial Committee Meetings are in the password protected Members Only section of the web site - click here.

 

(updated 10/10/2017)

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