Monthly Matters
What does the Finance Committee do for an HOA?
Posted on July 31, 2023 6:00 AM by Admin
Show Me the Money! Or, better yet……
What does the Finance Committee do for an HOA?
First off, Arbor Grove Homeowners Association has an incredible group of folks who comprise The Finance Committee. The finance committee assists the association board, particularly the HOA treasurer, in myriad ways. They are our quiet heroes who function all year long with little glitz or glamour. So, let’s take a quick look at what the Finance Committee does. 
1. Prepare the Annual Budget 
Preparing the annual budget is one of the significant tasks of Arbor Grove’s finance committee. Creating a line-by-line breakdown of expenses and revenue is a tedious and time-consuming task. 
2. Review and update the Reserves
As part of the Annual Budget process, the Reserve Plan is updated to ensure monies are available when needed for major repairs and replacements, as well as unexpected expenses or emergencies. It's similar to a savings account; the funds will only be used when there is a need for them.
3. Create Financial Reports
Under the direction of Dianne, Marlene Ganci performs the day-to-day bookkeeping needed to keep track of all the money coming in and out of our accounts. They monitor bank reconciliations to ensure everything is in order and that funds are available to pay bills and keep funds invested. Maintaining financial records to create realistic budgets and file accurate tax returns is essential. 
4. Recommends the Budget and Fee increases to the Board
While the committee oversees the finances, they do not have the authority to make financial decisions on behalf of the HOA. They review and recommend the relevant information. The board will make decisions for the association on whether to increase HOA fees to cover expenses or limit spending. Those who attended the last board meeting were on hand as the budget was reviewed and discussed. Every resident will have an opportunity to review the budget prior to it being finalized at the September Annual Arbor Grove Meeting.
We are lucky to have Arbor Grove Finance Committee led by co-chairpersons Dianne Schaafsma, a Certified Public Accountant, and Rosemary Wieliczko, who has had an extensive career in banking. Both co-chairs have solid financial backgrounds. The remaining committee members come with a variety of business experiences and have a keen pulse on all things financial.
The Finance Full Committee includes:
Dianne Schaafsma & Rosemary Wieliczko
Fellow Committee Members
Jack Dorn
Sandi Frenzke
Marlene Ganci
Roy Quanstrom
Sharon Schiller
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