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Finance Charter |
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Term of Office: |
One-Year Term |
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Purpose: |
To assist Management in the process of developing
the annual budget. This committee will also review the
Association's financial statements and provide, in writing, their
observations regarding the status of the budget, what large expenses
were paid out and what large expenses are anticipated to be paid out
in the near future. They will also make recommendations for
the purchase of low-risk investments, such as CD's. |
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Objective Procedure: |
- To prepare the initial draft budget on an
annual basis and present it to the Management Company and the
Board of Directors.
- To interface with Management on a regular basis
regarding anticipated expenses.
- To make recommendations to the Association
Board regarding budgeting and investment options.
- To submit a
monthly written Finance Report to the Board
via the Management Company, 10 days prior to the next Board
meeting, to be included in the Monthly Board Meeting package.
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Reporting Structure: |
Through the
Management Company to the
Board of Directors. |
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Budget Allocation: |
None |
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TOWER OWNERS ASSOCIATION
