Finance Committee

About

The Finance Committee monitors the overall financial health of UPCAI and reviews monthly financial progress against the budget.  We also provide financial analytical support to other committees and neighborhoods as requested.

Examples of support are the construction of a multi-year lift station analysis, and Tract 7 planning from a cash flow standpoint.

2022 Finance Committee Members

Bill Lockhorn

Committee Chair

Jim Barrett

Committee Member

Steve Cerjan

Committee Member

Dick Crouch

Committee Member

John Fricke

Committee Member

Lars Lundholm

Committee Member

Toby Morrison

Committee Member

Cathie Schaffer

Committee Member

Principle Activities

Process

The Finance Committee continues its focus on implementing sound financial management processes and fiscal discipline in all areas.  We continue to add documentation that defines our processes.

Financial Reporting

Generation and analysis of monthly financial reports continued after moving from end of the month to tenth of the month to accelerate review and propose any corrections needed.

Reserves

We, with PBM staff, are responsible for administration of the association’s reserves, planning and preparing related annual assessments and budgets. In cooperation with PBM and the Infrastructure Committee, the material reserve categories were again reviewed, and adjustments made to replacement cost and useful life as we continue to refine this important financial tool.

Portfolio Management

We continue to improve our “manage the managers” monthly program, adding a regression analysis and improvement of the cash flow model.  Consistent with our Investment Policy we are satisfied with the performance of our portfolio in this very tough fixed income market.

Annual Budgets

We provide support to PBM and neighborhood committees with the annual budget process and we perform a detailed review of the Association’s “master” operations budget.

Auditor

With the retirement of our long-time auditor, we reviewed many candidates interested in performing the independent audit of our 2021 consolidated financial statements and the board recently selected Cavanaugh and Company as our new community association auditor.

 

2022 Goals

Our goals for 2022 are to continue an intense focus on the basics of our HOA business and work on building a better statistical analysis base leading to even better and more informed decisions.

Meeting Minutes Archive

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Finance Committee Minutes 02.15.2022

PDF Document

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Finance Committee Minutes 11.16.2021

PDF Document

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Finance Committee Minutes 08.12.2021

PDF Document

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Finance Committee Minutes 05.17.2021

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Finance Committee Minutes 02.11.2021

PDF Document

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Finance Committee Minutes 10.13.2020

PDF Document

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