The Vistoso Community Association’s (VCA) Finance Committee advises the Board of Directors (BOD) on all matters pertaining to the finances of the Association. This includes recommending and monitoring financial policies, goals, investments, and budgets. It also monitors the financial health of VCA’s capital accounts through the use of professionally-provided reserve studies and an annual reserve fund budget.
The Committee is comprised of three to five members, appointed annually by the BOD, and is chaired by the Treasurer. Any VCA member is eligible to be appointed, with an emphasis on those with a background or education in finance, accounting, bookkeeping, or business.
Among the Committee’s most important tasks are:
- Recommend policies that maintain or improve the financial health of VCA
- Review and recommend a long-range financial plan
- Recommend an annual operating budget and an annual capital budget
- Review and recommend capital expenditures and unbudgeted operating expenditures that exceed property management’s spending authority
- Review the financial ramifications of major proposed transactions, new or changed programs or services, and recommend actions to the BOD
- Monitoring the financial performance and health of VCA, as well as its vendors, in the context of long-term trends and industry benchmarks
- Recommend corrective actions, as needed, to the BOD to ensure that VCA remains in compliance with its budgets and other financial targets
- Reviewing vendors’ contracts and ensuring that they remain viable, necessary and financially sound
The Committee meets at least once a month, and its actions are reported monthly to the BOD through the Treasurer. The meetings are open to all members of the Association.