20301 Silver Spring Drive - Northville, Michigan 48167
(248) 349-4006
clubhouse@hlca.us
 
Home
History
Board and Staff
Resources
Committees
Photo Album
Models
Bylaws and Rules
Contact Us

Finance Committee:
Officers: Joyce Elvy, Chairman - Robert Armstrong, Co-Chairman
Board Liaisons: Ann Creviston & Kathleen Connor 

As the name suggests, the Finance Committee is devoted entirely to the financial aspects of Association administration. The platform upon which all financial activity occurs in its broadest sense is the annual budget. The Property Manager submits a rough draft of the yearly budget to the Finance Committee in July based upon prior year spending, analysis and projections calculated to permit the business to run within certain financial guidelines. Members of the Committee then discuss every line-item of the proposed budget and either approve the rough draft or make alterations. The finished product is submitted to the Board in late August for finalizing and approval. 

Remember that committee membership is restricted to co-owners only, so residents at Highland Lakes receive the added benefit of knowing that the people acting as watchdogs over the financial aspects of the property are actually watching over their own money. Every month, the Finance Committee receives and reviews the monthly financial statements to verify that the Association is spending within guidelines and also receiving the appropriate amount in income. It is also the opportunity for the Property Manager, Maintenance Management or other committees to give them a "heads up" on upcoming expenses whether contemplated beforehand or unexpected. Issues such as overages, surplus, delinquency, foreclosures and other items top the list for discussion. 

The fiscal year for Highland Lakes runs between October 1st and September 30th, culminating in an Annual Audit Meeting in February where the CPA of the Association, Finance Committee, Board and residents come together to discuss financial performance for the previous year. The Finance Committee is democracy in action, where the actual owners watch for any impropriety and study general spending trends to make sure that the owners at Highland Lakes are getting what they are paying for. It is also the source of proposals relating to possible savings and innovative ideas for cost efficiency and streamlining of the administration.

This committee meets on the Wednesday following the board meeting at 6:30 p.m.