Finance Committee

For more information on this Committee contact the MLHOA Office Manager or download the application form and become a member of the committee.

Finance Committee Charter

Objective:

The Finance Committee was created to assist the Board in fulfilling all of its financial responsibilities.

Note: MLCCE HOA (Meadow Lake Country Club Estates Home Owners Association) is the same entity as MLHOA (Meadow Lake Home Owners Association) and may be referred to as MLHOA throughout this website.

Responsibilities:

Core Elements:
  • Uphold and exemplify the values of the HOA
  • Serve in the best interests of the HOA.
  • Meet regularly at the call of the Chair
  • Keep records/minutes of meetings
  • The Finance Committee will receive support from the general manager
  • Establish annual committee work plans, including priority actions, objectives and deliverables
  • Report to the Board, at each meeting of the Board
  • Consider quorum not less than 51%
  • Review Finance Committee charter annually
  • Confirm committee composition and individual commitments annually
  • Advance, monitor and report on organizational strategic priorities within its mandate
Financial Statements and Other Financial Information
  1. Ensure the financial matters and reporting of the organization are conducted in accordance with the provisions of applicable federal statute and all appropriate regulatory authorities;
  2. Provide advice on accounting policies and financial reporting practices of the organization;
  3. Liaise with the auditor (if appointed) to discuss financial statements and management letters, as necessary;
Risk Management, Internal Control and Information Systems
  1. Review the organization’s financial risk management controls and policies and compliance therein;
  2. Review budget changes, as requested
  3. Review material litigation and its impact on finance
Planning
  1. Provide expertise in the development of the organization’s annual budget;
  2. Develop finance-related policies;
  3. Advise on investment opportunities for the organization; and
  4. Review and manage, on a regular basis, the organization’s investment portfolio.

Membership:

The Finance Committee shall be composed of at least three (3) members, one of which must be a member of the Board of Directors. The members shall also be members of the Meadow Lake Country Club Estates Homeowners Association. The Finance Committee may be chaired by any of its members.

The Finance Committee must be ratified by the Board of Directors.

Authority:

The Finance Committee derives its authority from the Meadow Lake Country Club Estates Homeowners Association Board of Directors, and from the Meadow Lake Country Club Estates Declaration of Covenants, Conditions, and Restrictions.

The Finance Committee provides support and recommendations to the Board of Directors.

Time Commitment:

The Finance Committee‘s time commitment is as follows:

  1. Committee meetings/conference calls (minimum of 3 per year)
  2. Additional emergent time requirements as identified by the Board of Directors