Fiscal Committee

Fiscal Committee

Committee Responsibilities

  • Reviews existing Assessments and Financial Resolutions adopted by the Board of Directors and suggest new Resolutions for adoption

  • Participates in public meetings held to receive information on the budget preparation process and provide comments on proposed budget during public hearings held prior to the board’s adoption/consideration of the budget

  • At the sole discretion and request of the CEO, the committee may assist in evaluating or investigating specific budgetary issues

  • Conducts an annual review of the association’s insurance programs and report its findings to the Board of Directors

  • Review’s RA's investment policy and the state of RA's investments. As well, the committee will make recommendations for changes to investment strategy, as needed

  • Evaluates the need for an audit of the association’s system of internal controls

  • Recommends an independent Certified Public Accountant (CPA) who shall prepare an annual report and render an opinion on the association's books and records of accounts

Committee Composition

  • Treasurer
  • Chief Financial Officer, who shall serve as an ex officio member
  • One member of the Board of Directors, who shall serve as an ex-officio member
  • Up to seven members with financial experience as described in Committees Resolution 4, four of whom should be a resident of a different district, appointed by the RA Board of Directors.

Meetings

The Fiscal Committee generally meets the third Monday of the month at 6:00 p.m in the conference center at RA headquarters, 12001 Sunrise Valley Drive, Reston.