Purpose: To work with the Board and Community Manager to develop an annual budget for Board approval. Review budget items regularly and provide recommendations to the Board.

Mission: To provide third party oversight for financial activities of the Springfield POA with the goals of protecting & improving the financial health of our community.

The specific areas of responsibility for the Finance Committee: 

1. Assure revenues & expenditures are reasonable and appropriate.

2. Assure cash assets are invested wisely & protected from loss.

3. Prepare the annual budget and present to Springfield's Board.

4. Measure expenses against budget.

5. Review financial statements to assure transactions are proper & timely.

6. Monitor assessment data from the management company to ensure billings are consistent with lot ownership and past due assessments are collected.

7. Invest excess cash in investment vehicles that are protected by the FDIC.

8. Review major contracts & provide recommendations to the Board.

9. Ensure internal controls are in place & followed.

10. Review insurance policies to protect the Homeowners Association against liability.

11. Review cash reserves to be certain funds are available to replace the Homeowners Association infrastructure as outlined by the Reserve Study.

12. Handle other "oversight" duties and recommendations that are finance related but not listed above.

Interested in getting involved?
Click here if you are interested in joining the Finance Committee.

Committee Chair
Dave Allemong