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Documents and Minutes
The Finance Committee meets virtually on the third Tuesday of each month at 9:30 AM. All meetings are open to the residents of Belmont.
Providing the Board of Directors with recommendations regarding:
- Review of the Managing Agent’s preparation of the annual operating budget, the calculation of resulting homeowner monthly assessment rates and making appropriate recommendations to the Board of Directors.
- Monitoring ongoing financial activity, including the review of monthly financial statements and reports provided by the Managing Agent, and report on the Association’s financial status to the Board of Directors as deemed appropriate.
- Overseeing the management and investment of the Association’s reserve funds for both common and limited repair and replacement.
- Ensuring that such reserve funds are invested in accordance with the provisions of the Property Owner’s Association Act and preserving the reserve fund principal. Ensuring that reserve fund investments are sufficiently liquid in order to meet unforeseen circumstances.
- Working with the Managing Agent and the Association’s Collection Attorneys to establish appropriate procedures and processes for the collection of past due homeowner assessment balances and related collection costs. Recommending appropriate collection policies and processes to the Board of Directors ensuring that the collection of past due balances are aggressively pursued in a cost effective manner.
- Recommending periodic updates to the Association’s Reserves Requirement Studies and ensuring that all necessary capital repair and replacement needs are comprehended by the studies.
- Working with all of the Association’s Committees to coordinate financial matters relating to their activities and recommendations.
Join the Finance Committee
Vacant (Alternate #1)
Vacant (Alternate #2)