Port of Old Mission Phase III - F-1 Budget Committee

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Budget Committee & Financial Reporting Policy

POM III Policy Letter F-1

1 Oct 2009

Policy:
The Association will develop a fifteen year financial plan and prepare an annual budget for presentation by Co-owners at the annual meeting. The Budget Committee is responsible for developing budgets.

Procedure:
The POM III Budget Committee, reporting to the Board of Directors will consist of the President, Treasurer, Controller, Property Manager and one at-large POM III resident selected at the option of the President. The primary responsibility of the committee will be to establish tentative annual budgets based on current dues, past budgets and input from the Board members, Property Manager and committee chairmen. The committee will also manage reserves and develop budget "wish lists." All budget proposals developed by the committee will be presented to the board for review and approval prior to incorporation. Budget Development and Presentation:

1. The Treasurer will be Chairman of the Budget Committee and be responsible for budget preparation and presentation to the Board.
2. The Budget Committee will determine the timing and the responsibility for annual budget input. Timing will be such as to allow for the Board to present the new budget to the Association Members at the POM III Association Annual Meeting.
3. Annually, a schedule showing responsibility for the development of budget input data will be established (see Attachment 1) and forms for presenting the input will be provided to those from whom input is required (see Attachments II thru IV).
4. The budget will be calendarized by month for the fiscal year, showing check book and reserve balances by month. (see example-Attachment V)
5. The Budget Committee will review the input, incorporate it into the budget, analyze the results and present a tentative budget to the Board.
6. The Board will review the tentative budget and provide guidance to the Budget Committee for preparation of the final budget.
7. The Committee will prepare the final budget and present it to the Board for approval.

Reporting:
The Treasurer will report the actual results compared to the budget for the current month and year-to-date to the Board of Directors on a monthly basis. The following chronology assumes the POM III Association annual meeting will be held in July.

1. Nov: Treasurer provides "Responsibility" schedule (Attachment I), Budget Development forms (Attachments II thru IV) and current year budget and actual amounts-to-date to those providing budget input.
2. May: Budget Development forms are submitted to the Controller or Treasurer.

a. Input on Budget Development forms is analyzed and reviewed by the Budget Committee.
b. Tentative budget is prepared and presented to the Board in the format shown in Attachment V.
c. Board reviews tentative budget and provides guidance to Budget Committee for final budget.

3. Jun: Budget Committee incorporates Board input to tentative budget and submits final budget to Board for approval.
4. Jul: Board presents budget to members at annual meeting of POM III Association.

POM III Financial Reporting
				Documents are Received by
				POM III Residents	Board	Chairs
1	YTD Expense by Category Buildings	Monthly				Building
2	YTD Expense by Category Grounds	Monthly				Grounds
3	POM III HOA Financial Report	Monthly			X
4	POM III HOA Annual Budget & Status of Checking and Reserve, Final	Annually	June		X
5	POM III Financial Results for Fiscal Year	Annually	July	X
6	POM III Fiscal Year Budget	Annually	July	X
7	Independent Audit*	Annually		X
* The Condominium By-laws, Article V, Section 3, state that Books of Account will be audited at least annually by qualified, independent auditors. Audit need not be a certified audit nor must the auditors be CPA’s.

_____________________________________________________________________________________________________________
Attachment I (revised Oct 2009)

POM III
Budget Responsibility

Account Name	Responsible Person
Income
Condo Fee	Controller
Closing Contribution/Late Fees	Property Manager
Garage Fee	Controller

Expenses
Administration	Controller
Electric – Garages	Property Manager
Electric – Street Lights	Property Manager
Insurance	Property Manager
Legal Fees	Controller
Property Manager	Property Manager
Waste	Property Manager
Water	Property Manager
Window Cleaning	Building Chair
Deck Maintenance	Building Chair
Condo Maintenance - includes bulb replacement, gutter cleaning, pest control, minor repairs, advisory studies	Building Chair
Roads/Walks/Signs	Building Chair
Landscape Maintenance – includes erosion control, mulch, trim ornamental trees, trim large trees, pruning and other.	Grounds Chair
Lawn Maintenance – includes mowing, dethatching, sod repair, fertilizing-weed-insect control, sidewalk edging, aeration, hillside weed whip	Grounds Chair
Port of Old Mission Roadway	Grounds Chair
Sprinkler Maintenance	Grounds Chair
Clean up – Spring & Fall	Grounds Chair
Back Flow Test	Grounds Chair
Street Light & Other Grounds Maint.	Grounds Chair
POM III Commons	Grounds Chair
Snow Plowing – Port Mission Rd	Property Manager
Snow Plowing – Red Fox Run/Ridge	Property Manager