James Kilmer Finance Committee Charter
The primary areas of responsibility of the Finance Committee are as follows:
General Scope: Develops appropriate recommendations for policies to ensure prudent financial management of James Kilmer Association (“JK” or “Association”) resources. Upon Board approval of the recommended policies, the Finance Committee monitors and reports to the Board of Directors on the financial activities of the Association.
Budgets: Recommends overall levels of revenue and expenditures each calendar year. Reviews in detail the proposed operating and capital budgets.
Controls: Analyzes the financial performance as compared to established budgets and reports exceptions to the Board. Develops and recommends corrective actions to the Board where required.
Systems: Directs the development of accounting and financial reporting systems and ensures compliance with Board-approved policies.
Cost Efficiencies: Reviews and recommends cost saving efforts to enhance efficiencies throughout the Association.
Audits: Meets with the Association’s auditors to discuss audit results, findings, and recommendations. Makes recommendations to the Board on findings and the distribution of the audit to unit owners.
Reports: Develops appropriate financial reports including long term capital projections. Makes recommendations to the Board on other studies to be commissioned, including the Reserve Study, to assist in the planning and financial management of the Association.