AUDIT:
Purpose:
To ensure constant adherence to the accounting policies, procedures and controls, established by the Association Board.
Functions:
- Establish new policies procedures and controls when necessary.
- Review external auditors Annual recommendations and suggest appropriate action to the Board of Directors.
- Present the External Auditor’s letter of recommendation and the Annual Audit Report at the Association annual meeting.
BUDGET:
Purpose:
To monitor and control the Associations receipt and expenditure of funds related to the activities under Association control.
Functions:
- To establish and present for Board approval an annual line by line operating budget of the Association.
- To monitor monthly and report quarterly to the Board of Directors, the Association’s financial performance relative to the approved budget. The report to the Board of directors shall highlight any major deviations from the budget and indicate any significant impact on the fiscal year financial results.
