FINANCE COMMITTEE CHARTER
Membership is open to unit owners, both resident and non-resident. The president shall appoint the chairperson and appoint the members, subject to the recommendation of the chairperson.
To present recommendations to the board of directors regarding the use and control of the funds of the Skybridge Condominium Association, and to review the annual operating and reserve budgets. This committee shall examine and analyze financial and other statistical statements related to operations and other financial matters, as the board deems necessary.
1. It is the duty of the chairperson to schedule committee meetings.
2. Meetings will be held as needed.
3. The committee chairperson may ask members to research and perform various tasks.
4. The committee, through it's chairperson, will work with the property manager, but it is not to provide direction or supervision.
5. The committee shall not have spending authority or authority to give direction to consultants or contractors.
6. As part of the Skybridge Condominium Association turnover activities, the committee should make recommendations to the board for budget, reserve fund and major capital expenses, based on the engineering and accounting audits.
7. The committee should make recommendations to the board regarding the annual budget and the necessity of changes in assessments.
8. The committee should submit a written report to the board of directors prior to the regular meeting of the board. The report should contain recommendations that have been agreed to by a majority vote at a meeting of which every member has been notified.