CONTACT STONEGATE COMMUNITY ASSOCIATION

Finance Committee Structure and Responsibility

The Treasurer is the Chairman of the Finance Committee. The Committee will consist of not less than 5 members and not more than 7 members, which are appointed by the Board within 60-days of the Annual Meeting each year. Not more than 3 members may be Board Members. Committee members serve at the pleasure of the Board.

Candidates will submit a brief biography background demonstrating their financial and/or investment experience, which will be presented to the Board. Selection will be based on experience, diversity and availability to attend Committee meetings. Prior to being approved as a Committee member, each applicant shall attend 3 consecutive Committee meetings. Upon completion of that, the Committee shall decide if the applicant meets the criteria for Committee membership. If the candidate has the training, credentials, and experience as an accounting executive which is critical to the operation of the Committee, the Treasurer may ask the Board for immediate approval.

A Confidentiality Agreement is required to be signed. Three unexcused absences from regular meetings may be grounds to remove the Committee member. The Executive Director and the Accounting Manager shall attend all meetings.

The Finance Committee will meet monthly on a date and time selected by the Treasurer.

The responsibility of the Committee is to review the Staff prepared Financial Statements, Drafts of the Annual Operating Budget, Reserve Budget as well as the Reserve Study and recommend to the Board for acceptance.

The Treasurer will review all monthly bank and investment statements, audit reconciliations, and report to the Board and Finance Committee of his/her findings. The Treasurer will have an annual audit performed by a CPA firm. The results of the audit will be presented to the Committee and Board at a joint meeting.

The Treasurer will be responsible for determining and assuring the Association that all cash and investments are properly held in banks or brokerage customer accounts which give the Association access to those assets and preclude the holders from using them for their own purposes.