Financial Review Committee

Because VIS 5801 is self-managed, it is imperative that we have a process to make sure the strata’s financials are open and transparent to the owners, and to ensure financial accountability. To that end, we have a Financial Review Standing Committee. The committee is made up of two or three owners, who are not council members, along with the Treasurer who serves as an ex officio member of the committee to facilitate the process.

COMMITTEE DUTIES

The Financial Review Committee members double check receipts and invoices submitted for reimbursement to confirm they are for legitimate strata business. The committee is to look for anything that seems odd or out of the ordinary. The committee prepares a written annual report for the strata documenting any unanswered issues that may arise during the review and suggests ways the strata can assist the Treasurer.

The Financial Review Committee members may also review the proposed annual budget and offers suggestions prior to each AGM.

PROCEDURE

After every AGM, the Treasurer gathers the financial records for the year and uploads them to the OneDrive. The committee receives a link to the financial files for the last year and they review the budget, all bank statements, invoices and financial reports for the past fiscal year. If they have questions or find an anomaly they bring that to the attention of the Treasurer for input and clarification. Once questions are answered, the committee prepares a written report for Council.

The Committee may also offer input into the proposed annual budget prior to each AGM.