Finance & Insurance Committee

 

The Finance and Insurance Committee (FAC) shall be governed by the chair(s). The numbers and qualifications of the members of the FAC will be determined by the chairs but shall include no less than three and no more than seven members.

 

The FAC is a standing committee. Meetings are by a quorum of its members. The SWCM Board liaisons are Michele Colucci and Vona Scott. The FAC may meet as it determines, but shall not meet less than quarterly. The FAC shall report to the SWCM Board in writing and in person, if requested at an open meeting of the SWCM board, but not less than one time prior to the SWCM annual meeting. 

 

Responsibilities of the FAC is to provide information to SWCM board about topics referenced in the Statement of Purpose.

 

The FAC is tasked with providing members with comprehensive information regarding financial transactions conducted by SWCM. Transparency will enable residents to gain an understanding of the financial condition of SWCM. Primary examples of areas to be studied are, but not limited to, monetary transfers, receipt and disbursements of funds, income, payments, debts, budgetary demands, delinquencies, insurance and reserves. The financial relationship between GRF/MOD accounting and SWCM should be identified to provide an understanding where the accounting systems and processing are coordinated and which entity has fiscal responsibility for specific issues. To that end, the FAC may:

Historic Budget and Financial Information:
Finance and budget information may be found on this website. To obtain it, select Governance from the main dropdown menu and then, Documents and finally Financials.

 

• Draft in collaboration with RPM (formerly MOD) Accounting and and the other Rossmoor Mutuals the mutual's Accounting Policies. (Bank and G/L reconciliations, unclaimed funds processing, delinquent and credit member assessment accounting, etc.);
• Work with RPM Accounting and the other Co-op Mutuals to create separate bank accounts and escrow accounting processes for Property Taxes;
• Work with RPM and members to collect on delinquent assessments;
• Review current banking services provided to the Mutual;
• Review current investments made by the Mutual; 
• Work with RPM Accounting to reduce the number and impact of financial adjustments made after the month end close; 
• Work with RPM Accounting to institute EFT payment services between SWCM and SWCM members and vendors; and
• Work with RPM Accounting and the other Rossmoor Mutuals to create Key Performance Indicators (KPIs) related to the services they provide. 

The FAC is looking for people like you! Please see the below brief volunteer experience needs. If you have any of these qualifications and an interest in helping your neighbors, please fill out the Volunteer Application form, below. You may return it via email to: swcm@rossmoor.com or in person at any of the SWCM Board meetings.

 

• We are in need of a Chair or Co-Chairs for the committee.
• Senior level banking experience (i.e. an understanding of bank offerings, sweep accounts, pricing, reporting, interfaces, etc.);
• Senior level accounting experience (CPA, CFP or equivalent experience), financial statement analysis, strong budget preparation skills, knowledge of accounting process and procedures; or
• NetSuite experience.