The Finance and Insurance Committee (F&I) is appointed by and serves at the pleasure of the Board of Directors. It is composed of six homeowners in good standing and the Board Treasurer. The Board Treasurer serves on the committee as a voting member and acts as a liaison for the Board. The F&I Committee recommends a chairperson to the Board of Directors for their approval.
The Crosswoods Homeowners Association (CHOA) operates on the Modified Accrual accounting method.
- The committee 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 $5000.00.
- The committee reviews 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.
- The committee assists 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.
- The committee and the manager review the CHOA insurance proposals annually and propose the best combination of price and coverage for the Board to consider and approve.
- 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 acts as chairperson with the addition of two – 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 committee is to meet monthly on a date and at a time set by the committee chair and approved by the Board of Directors. Annual budget drafting meetings are held weekly when necessary.
- Meetings and actions of the committee shall be governed by, held and taken in accordance with, provisions of the Crosswoods Homeowners Association CC&R’s. A meeting of the committee may also be called by the Board of Directors.
- All committee meetings are open to the homeowners who may participate in the open forum discussion but cannot vote. Meeting times and place will be posted on the bulletin board and in the Crosswoods Reporter.
- Members resigning from the committee shall do so in writing to the Association Manager, who in turn, will notify the F&I Committee and the Board of Directors.
- Upon recommendation from the F&I, vacancies on the committee are approved by the Board.