| Finance Committee |
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COMMITTEE CHAIR -- John Hancock The Finance Committee provides an overview of LACC financial operations and data for consistency, accuracy and completeness and provides the General Manager and Board of Directors with information, guidance and counsel on operations, data, finances, investment opportunities and compliance with legal requirements (such as the Davis-Stirling Act). The Committee meets on an as-needed basis. Committee meeting dates and times are published in the LACC Events Calendar.
The Chief Financial Officer (CFO) is tasked with assuring the a) quarterly review of financial performance, b) review of budgets and report major changes or new trends from prior years, c) review of the Capital Reserve Study adequacy, and d) review of financial reports required for dissemination to the membership. The CFO is a non-voting member of the Finance Committee.
Specific Role Statement
Finance Committee
Purpose
The Finance Committee shall provide the General Manager and the Board of Directors with reports, recommendations and suggestions covering those areas of its responsibility on an as-needed basis or for special Board assignments.
Responsibilities
To provide an overview of LACC financial operations and data for consistency, accuracy and completeness, and to provide information, guidance and counsel on operations, data, finances, investment opportunities and compliance with legal requirements (such as the Davis-Stirling Act).
Specific Functions
1. Follow the guidelines in the “Overall Role Statement for LACC Committees.”
2. Assist the General Manager and the Chief Financial Officer to assure that the following have been satisfactorily accomplished:
a) Review at least quarterly the financial performance of LACC,
b) Review budgets and report major changes or new trends from prior years,
c) Review of the Capital Reserve Study adequacy and impact on LACC’s financial stability,
d) Review of financial reports required for dissemination to the membership. The reports are to be distributed only after approval by the Board of Directors.
3. The Finance Committee shall participate, as required, in financial discussions with outside agencies, accounting firms, taxing bodies, etc.
4. The Finance Committee shall serve in an advisory capacity on matters concerning accounting and financial procedures.
5. The Committee shall provide counseling on banking and investment of LACC funds and review such funds on a quarterly basis.
Organization
The Finance Committee shall consist of not less than three voting members, including the chair. The Chief Financial Officer of LACC shall be a non-voting member of this committee.
Approved: January 20, 2001
Minutes of Finance Committee Meeting
September 22, 2005 at LACC Conference Room
In attendance were committe members Al Marquardt, Chuck Johnson, Daryl Schmidt, Jack Gauger, Bill Cheek, Jim Craig, Dana Seandel, and the Board Liaison--Ron Davey.
Dana gave a report regarding the Board's action on the member financed clubhouse expansion refi. The Board will ask our attorney if we are allowed by law to do this and an article will be placed in the December newsletter to see if there is sufficient member interest to pursue the member financed refi. Committee members were asked to submit to Dana anything they felt was important to include in the article.
The budget was discussed by the committee as per the agenda:
1. Bidding process-for the budget process estimates of cost meet the need-for purchasing the established bidding process should be followed or changed if it doesn't meet the needs.
2. It would help to more accurately gauge income, if, for example, this August's actual for 2005 could be combined with an educated estimate for September through December for a total to compare with 2004 actual.
3. The committee feels strongly that there should be no deficit budgets.
4. The committee feels strongly that attaining the previously okayed 30-35 percent funding for the reserve fund should be a primary objective, of utmost importance in meeting our fiduciary responsibility.
5. The committee's main concern re:golf and pro shop was the ability to meet the projected revenue,
The Board liaison stated at this point that our role statement did not include budget review. Subsequent to that, it was confirmed that the Board President had requested the committee to look over and make suggestions re: the budget. Any member of the committee wishing to comment on the other sections of the budget, please e-mail them to Dana and she will see that the Board receives them.
Copies of the reserve projections and role statement will be sent to the committee.
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