Walter Samodurov, Chair
The Finance & Insurance Committee is an important resource for Management and the Board of Directors when it comes to all HOA financial responsibilities. The Association’s Treasurer is an automatic member of the F&I committee.
The Committee’s responsibilities include:
- Serves as the financial and insurance experts for the CHOA and provides analysis, advice and oversight on elective matters relating to the spending and investing of association funds over $5,000.00.
- Reviewing monthly the financial statements from the association’s bookkeeper and the financial highlights document from the association manager. Any unanswered questions are directed to the Association Manager.
- Assisting the manager and the treasurer in drafting the operating and reserve budgets for each upcoming fiscal year. Upon completion, these budgets will be submitted to the Board for approval.
- Along with the manager, reviews the CHOA insurance proposals annually to propose the best combination of price and coverage for the Boards consideration and approval.
Additionally, each year the committee will form a subcommittee, known as the Investment Committee, specifically to develop a strategy of investing and to research investment vehicles for the CHOA Reserve Fund. The treasurer will act as chairperson with the addition of two or three F&I Committee members. The Investment Committee will make recommendations to the F&I for investing. Upon F&I acceptance, the recommendations will be forwarded to the Board for approval.
The F & I Committee meets the third Wednesday of the month at 6PM.