The Finance and Investment Committee of YCC531 (FIC) advises and assists the Board of Directors in developing policies and programs to manage our financial assets.
The FIC is a standing committee that meets as required and reports to the Board monthly.
It can comprise two to three members of the Board, one of which is the Board’s treasurer. In addition the committee may invite a maximum of two other unit owners with qualified investment expertise.
The chairperson of this committee is elected by the FIC members and approved by the Board.
Functions that the FIC may expect to perform:
- Review monthly financial statements provided by the Property Management before approval by the Board.
- Review annual budget proposals and requests from Property Management.
- Review annual draft audits with the Corporation’s auditors, and participate in the submission of the audit to the Board.
- Develop and implement an investment plan in keeping with the Condominium Act and advise regarding the investments of the Corporation’s funds.
- Review quarterly the investment portfolio with the investment adviser.
- Assure that a Reserve Fund study is conducted at least every three years listing each component’s appropriate useful life and cost of replacement. Assure proper funding.
- Send Reserve Fund Study, as approved by the Board of Directors, to the investment adviser to update the Corporation’s Investment Plan.