Headed up by Peter Webster this Committee performs accounting and bookkeeping to keep track of all the money coming in and out of the Association’s bank accounts.  The Finance Committee's primary roles and responsibilities are:
Preparing the Annual Budget - This is one of the major tasks and involves a line-by-line analysis of current expenses and revenue to determine trends and concludes with a report of expected profit or loss over the next fiscal year. If a loss is projected, suitable plans must be made to finance any deficit.

Maintain Financial Records - The Committee reviews and monitors financial statements, bank reconciliations, insurance policies, reserves and investments to ensure that everything is in order.  Maintaining timely and accurate financial records helps create realistic budgets.
Create Financial Reports - The Finance Committee is also tasked with creating thorough but easy-to-understand financial reports for the Board. This helps save time because the Board members won’t have to ask clarifying questions during the meeting. The Finance Committee is also responsible for editing out confidential information from these statements before making them available to the property owners.
Advise the Board on Financial Matters - As the Finance Committee knows the Association's finances the best, they advise the Board when there are financial decisions to be made. While the Committee handles the finances, some members may not have the authority to make financial decisions on behalf of the Association so they must present all the relevant information which allows the Board to make decisions for the Association.
Assist Other Committees with Finances - Similarly, the Finance Committee also provides financial advice to other Association Committees. These other Committees may consult the finance members on how much budget they have or what their funding options are.

For any enquiries please contact financedirector@rainbowbay.org.