Committee Charter (Excerpted from the SIPOA Bylaws)
The Treasurer shall serve as chairperson of the Finance Committee. The Finance Committee shall have the primary responsibility for SIPOA finances and the allocation of budgeted funds for expenditure to the various committees and/or operating components reporting to the Board. The Board may, however, at its option, reallocate funds so allocated by the Finance Committee. This Committee shall:
(i) Establish procedures for measuring the actual income, expenditures, and cash flow of SIPOA against the budget, and shall report complete financial operations to the Board on a regular basis.
(ii) Establish procedures for and implement the preparation of a budget for the ensuing fiscal year and shall recommend an operating budget and capital expenditure and capital reserve budget to the Board based upon the estimates from the various committees and/or operating components reporting to the Board.
(iii) Develop and publish, at least biennially, a five-year forecast of financial operations, and shall estimate the assessment rates applicable to each class of Property five (5) years into the future.
(iv) Establish and update internal controls to safeguard assets of SIPOA, and shall seek to formulate and implement proposals to impose fiscal responsibility with respect to the operations of SIPOA.