Posted by PVHadmin

Finance

Role of the Committee

The role of the Pleasant View Homeowners Finance Committee is primarily to provide financial oversight for the organization. Typical task areas include budgeting and financial planning, financial reporting, and the creation and monitoring of internal controls and accountability policies.

Here are the Finance Committee’s basic responsibilities:
1. Provide advice/direction for the entire Board on fiscal responsibility.
2. Regularly review the organization’s revenues and expenditures, balance sheet, investments and other matters related to its continued solvency.
3. Develop an annual budget and submit it to the full Board for approval.
4. Monitor adherence to the budget.
5. Set long-range financial goals along with funding strategies to achieve them.
6. Present all financial goals and proposals to the board of directors for approval.
7. Ensure the maintenance of an appropriate capital structure.
8. Oversee the maintenance of assets, including prudent management of organizational investments.

Although the entire board carries fiduciary responsibility for the organization, the finance committee serves a leadership role in this area, making sure appropriate internal control procedures for all financial transactions are documented in a manual and followed by staff. The committee also plays a role in determining and updating bank account signatories as well as overseeing all legal and governmental filing deadlines are met.

Here are some specific tasks the Finance Committee may undertake:
1. Review revenues and expenses at a monthly Committee meeting.
2. Ensure that organizational funds are spent appropriately.
3. Develop an investment strategy.
4. Ensure the preparation of an annual audit, tax form (990), and audited Financial Statements.
5. Ensuring compliance and/or developing policies/procedures which serve to protect the organization and manage its exposure to risk.
6. Ensure policies and procedures for financial transactions are documented in a manual, and the manual is reviewed annually, and updated as necessary.

Finance Committee Members:

Claudia Hall

 

 

To contact the Finance Committee please send an email to: Finance@PleasantViewHomes.org.

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