Financial management of the Association is provided by the Finance Committee. The chair person of the Committee may or may not be a member of the Board of Directors, but is a key advisor to the Board and provides a report to the Board at each Board meeting.
The Finance Committee is typically composed of five or more members of the Association, who assume fiduciary responsibility for the Association, receive the report of the Treasurer on the financial condition of the Association, and provide general financial oversight for the Association. The Committee is responsible for financial planning for the Association, overseeing financial audits of the Association, and making key financial decisions which are recommended to the Board of Directors.
The Treasurer of the Association is a member of the Finance Committee. The Treasurer oversees day-to-day financial management of the Association and provides guidance to the outside accountant who supports the Association. The Treasurer interacts with members on any issues relating to dues or fees, and provides regular reports to the Finance Committee.
The Property Manager of the Association, who is the Property Management Committee chair person, is also a member of the Finance Committee. The Property Manager recommends the operations budget for the year, which is approved by the Finance Committee and then by the Board of Directors. The Property Manager provides oversight for the cash flow data base for the Association and reports the status of expense-to-budget results to the Finance Committee, along with any related issues that may arise.
The monthly dues for the membership of the Association are recommended by the Finance Committee to the Board of Directors prior to the start of each fiscal year. These dues are composed of three parts, relating to operational costs, the capital improvement fund, and insurance premiums.
Hay Lake Lodge Townhomes has not raised dues for supporting operational costs or capital improvements for many years; and has made minor adjustments some years for insurance premiums. Because financial and property management is done internal to the Association (except for an outside accountant), the use of funds is closely monitored and financially very efficient. The Association typically runs budget surpluses each year, maintains a generous operational reserve, and has a strong balance sheet. Detailed financial reports are made at each Board and Association meeting, and are available to Association members upon request.