Finance Committee

The purpose of the Finance Committee is to serve as a system of checks and balances with regard to the spending of community funds. The committee also serves as a safeguard for the financial stability of our association as a means of review to prevent theft or reckless spending. The Committee shall:
● Review and monitor financial statements, bank reconciliations, insurance policies, reserves, and investments to ensure that everything is in order.
● Along with the Board and Management company, participate in the annual budget process.
● Provide financial advice.
● May help the board and management company solicit and review bids from contractors or vendors. The committee can examine the bids from a financial perspective and make recommendations based on the same point of view.

Social

The purpose of the Social Committee is to plan and organize events for the community, such as street parties, pool opening, back to school, holiday related events, etc for the purpose of building community cohesion, uplift spirits, and welcome new homeowners to the neighborhood. The committee will facilitate event planning, promote interest in social events, and collect any funds from the event. Any funds collected shall be returned to the HOA for future use.

The Committee shall be responsible to submit event planning ideas, details of the event, and estimated cost to the Board for review and approval.

As part of event planning, for liability purposes, the HOA will not provide or serve alcohol.

Pool-Amenities

The overall purpose of the Pool Committee is to monitor the quality of the pool, pool deck area, the pool house and playground and recommend improvements to the Board of Directors. Responsibilities for the Pool-Amenities Committee may include, but are not limited to the following:

● Monitoring the pool usage, maintenance and equipment of the pool.
● Monitoring the pool area for hazards, broken or damaged furniture, damaged equipment or fixtures or general maintenance needs.
● Monitoring the pool area to keep clear of debris and trash (other than normal day to day).
● Offer solutions to resolve any issues that may arise regarding pool usage.
● Monitoring the playground area and equipment for hazards, broken or damaged equipment or fixtures.
● Submit information to the Board for distribution to homeowners and/or posting on the website.

● Inspect the clubhouse before and after clubhouse rentals.
● Assist with general maintenance and upkeep (emptying trash, picking up, etc) of the clubhouse, mailbox pavilion and playground area.

● Suggest improvements to common area grounds, organize clean up or maintenance activities.
● Monitor contract work as necessary.

Structure

The Finance Committee shall consist of up to three (3) members while the Social and Pool-Amenities Committees shall consist of at least three (3), and not exceeding ten (10) resident owners or renters living in Summit Lake.

Members of the Finance Committee should have a background in finance or accounting. The volunteer members of the committee shall select a Chairperson and a Secretary from within its membership.

The Chairperson (who must be a homeowner for consistency purposes) shall preside at all committee meetings, and the Secretary will be responsible for taking minutes at all meetings and submitting a copy of the minutes to the Board. The Chairperson shall be responsible for transmitting any and all recommendations to the Board of Directors. All proposals must receive approval from the Board of Directors.

Meeting Frequency

● The Finance Committee shall meet at least once a month at the beginning of the month to review the prior months financial statement and expenses.

● The Pool-Amenities Committee shall meet at a minimum of once per month from April through October.

● The Social Committee shall meet generally once per month.