The Finance/Audit Committee is to:

1. assist the Board in the discharge of its fiduciary responsibility to the general membership.
2. analyze monthly financial reports, monitor reserve activities, make both financial and operational audits as deemed appropriate.
3. assist management during budget preparation.

1. Seven (7) members, responsible for selection of their chairperson, vice-chairperson, and secretary.
2. Subcommittees may be appointed, as needed, to complete any assignments.
3. The LWA Treasurer, who has no vote.
4. Finance Manager, who has no vote.
5. Board of Directors Liaison, who has no vote.

To accomplish its purpose, the Finance/Audit Committee shall undertake responsibility for the following actions and such other assignments as shall be made, from time to time, by the Board of Directors:

1. Minutes and roll call of each meeting will be taken and recorded. Written copies will be submitted to the Administration Office monthly.
2. Prepare monthly, for presentation to the Board by the committee chairperson or alternate, a report briefly outlining the committee's findings relating to their analysis of monthly financial reports. Significant variations between budgeted and actual statistics will be explained. The Board will also be made aware of progress on any other assignments of the committee.
3. Prepare for Board review, when requested, an analysis of all studies, proposals, and project requests.
4. Assist management in all aspects of the Association's replacement reserve activities such as:
   1. Identification of reserve items
   2. Preparation of projected funding required
   3. Preparation of mandated reports
5. Conduct annual operational and/or financial audits or reviews, for any department of the Association. Upon completion of the audit, prepare a basic audit outline for the Board and future use of the committee.
6. Analyze in detail all aspects of each departmental budget as submitted by the General Manager. Prepare written recommendations for submission to the Board. As requested, meet with the Board and General Manager to review the pro forma budget prior to approval and publication and distribution to the membership.

   This committee meets on the fourth Tuesday and the morning of Board Meetings at 8:45 a.m. The following Members serve (name, phone 432-xxxx):

    Jack Valentine, 9259, Board Liaison