CANYON SPRINGS RESORT PROPERTY OWNERS’ ASSOCIATION Resolution to Form a Finance Committee STATE OF TEXAS: § § KNOW ALL PERSONS BY THESE PRESENTS: COUNTY OF COMAL: § WHEREAS: The financial affairs of the corporation are not optimal, and WHEREAS: Texas Business Organization 22.219 authorized creation of committees by resolution adopted by the majority of the directors in office, may designate one or more committees that do not have the authority of the board of directors in management of the corporation, and WHEREAS: Article Fourteen, “Committee” of the bylaws, recorder 2 May 2022, and prior recordings, authorize the creation of committees. “The President along with a majority of the directors in office may designate by resolution one or more committees, which to the extent provided in such resolution will not exercise the authority of the Board of directors in the management of the corporation”.
WHEREAS: A desire to improve the reporting of financial information to the membership is required, and WHEREAS: A change in the accounting software was required in an attempt to reduce cost, but decreased information reporting, and WHEREAS: A CPA analysis of financial reporting determined there could be flaws in the record keeping or reporting, WHEREAS: The challenge of a single person doing the process of treasurer is overbearing, NOW THEREFORE: On the date signed below, the board of directors does create a finance committee. The committee does not have the authority of the board. The treasurer will chair the committee but he may delegate this responsibility to a committee member.
Charter Purpose: The finance committee will provide recommendation to assure accurate account records, preparing financial reports, and maintaining the association’s financial assets securely.
member.
Charter Purpose: The finance committee will provide recommendation to assure accurate account records, preparing financial reports, and maintaining the association’s financial assets securely.
Provide the board with oversight of the financial aspects of the POA’s operation.
Composition: Committee will consist of 2 or more volunteer members and will be chaired by the Treasurer or a person with finance expertise, such as a CPA. Committee members must be members of the association. Committee members will not be compensated. The committee should work as autonomously as possible, and be self-directing.
Goals: As follows: a res SM Perform an annual audit of the membership roll with Comal County Appraisal District ownership list to assure compete and proper membership of the association.
Develop accounting principles and bookkeeping processes and proposed software Financial recommendation Reports: minimum are monthly: P&L, Balance Sheet; On Demand: Cash Flow Projection, asset report, replacement/maintenance cost analysis. Ensure accurate and timely filing of state and federal reports, such as secretary of state, TREC for Management Certificate and federal tax return, etc.
Review insurance coverage and provide advice to board/VP responsible Provide recommendation on structure of finance by laws Advising the board on investment policies and planning Assist in preparing an annual budgets Review internal accounting controls . Meetings of the committee: In-person or virtual meetings as requested by the Treasurer, Committee Chair, Board President or other responsible officer.
a. Roles and Responsibilities: b. The Treasurer is the officer of the Board that communicates directly with the Board. c.
the Treasurer, Committee Chair, Board President or other responsible officer.
a. Roles and Responsibilities: b. The Treasurer is the officer of the Board that communicates directly with the Board. c.
The committee provides financial and accounting proposal for, but not limited to: i. Maintaining and retaining, accurate and consistent accounting records including adequate documentation to support any payments made on behalf of the POA.
ii. Ensuring the association’s financial assets are secure, with adequate internal controls implemented and followed.
iii. Assist in preparing monthly bank reconciliation.
iv. Preparing financial reports in accordance with generally accepted practices to include accrual basis of accounting, full presentation of financial statements, and separate fund balances.
v. Assist in preparing the annual operating budget. Directing the budgeting process through board approval and member ratification.
vi. Assist in collecting assessments, monitoring delinquencies and invoking collection remedies.
vii. Review the POA insurance coverage and provide information to the board regarding coverage. (This may be first VP responsibility) viii. Distributing appropriate financial reports to membership as required by the governing documents ix. Providing input to the web site on finance information.
10. Committee Members: i. Each Committee member may be asked to accept specific work assignments (ad hoc or ongoing).
11. Authority: The committee will not assume the authority of the board of directors.
12. Attendance: members are expected to attend all Committee meetings (virtually or in person). Any member that misses 3 meetings may be asked to resign. All Committee Members must be and remain current with payment of all POA dues and any member approved Special
etings (virtually or in person). Any member that misses 3 meetings may be asked to resign. All Committee Members must be and remain current with payment of all POA dues and any member approved Special Assessments.
7 Signed by Ss one Director: date CX + IY 902 —— Signed by Se Director: date/U OCT Zoze4 Y deg if Signed by LY! A Director: date Ze Signed by ee a Director: date Signed by SUV C on Director: date 3 / £ Director: date (O Oss Director: date /0 A 6/20 26 Signed by Signed by