Ashburn Farm Association

Budget & Finance Committee

Windmill Tennis Courts

 

 

 

General Information and Associated Links

 

Meeting Calendar

2008 Approved Budget

 

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There are three kinds of people in the world: 

 those who make things happen, 

 those who watch things happen, 

and

 those who wonder what happened." - Ace Harder

 

 

Above, the Budget and Finance Committee (in no specific order), Janet Richardson - BOT Liaison, Dr. Meena Issar, meet with Tom Whiting, General Manager and Cheri Jean - Financial Coordinator of Ashburn Farm Association, during the monthly B & F meeting.

info@att.net

 

Volunteers are always welcome to join the Budget & Finance Committee.  Please consider volunteering!

 

Committee Responsibilities

 

The Budget and Finance Committee oversees the fiscal health of the community.  The Committee reviews the monthly balance sheets, income and expense reports and delinquencies and works with Committees and Association Management to fund projects throughout the property.  The Committee reviews the Draft Budget prepared by Association Management and makes recommendations to the Board of Trustees for approval.  The Budget and Finance Committee is responsible for looking over the Reserve Report to ensure funding when components of the property need to be replaced.  Monthly and quarterly reviews of the Replacement Reserve investments keeps the Board informed on how the investments are performing.

 

Budget & Finance Committee Charter (May 2003)

 

The Board of Trustees upon recommendation from the Committee Chairman or the Treasurer shall approve all members that serve on the Budget & Finance Committee.

 

The Officers of the Committee shall consist of a Chairman, Vice Chairman, and a Secretary.  The Secretary shall be responsible for the monthly meeting minutes and keeping the minute book.

 

The Committee shall meet on a regular basis based upon the needs of the Association.  The Treasurer shall be responsible for establishing a regular meeting date and calling meetings out of sequence.

 

Special Meetings of the Committee shall be held when called by the Committee Chairman, the Board of Trustees, or two or more committee members of the committee, after not less than three (3) days notice to each member of the committee.

 

The duties of the Budget and Finance Committee shall be as follows:

  • Ensure the implementation of the annual operating budget

  • Create a draft annual budget for Board approval

  • Review insurance policies annually

  • Review the Replacement Reserve Schedule annually

  • Review the Annual Audit each fiscal year

  • Quarterly monitoring of the Investment Policy

  • Process budgetary requests form all Ashburn Farm Committees

  • Work with the Board for "out of budget" expenses

The Committee shall report to the Board of Trustees at each monthly meeting.

 

All recommendations to the Board of Trustees shall be at an open meeting.