Finance Committee
Finance Committee
The Finance Committee is a standing committee established and maintained by the Board of Directors. The Finance Committee assists the Board in preparing the Association’s annual budgets and complying with the other financial obligations of the Board. The Committee consists of at least three members, one of which shall be the Treasurer of the Association.
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I don’t know if the BOD had shared the total interest cost on a 12M loan at 8% over 15 years but that’s about 8.6M in interest and I cannot agree to that. However, if the vote passes for the loan I would hope negotiations to include a minimum pre payment penalty as I think a vote on the impact of a loan and the option of pre paying the loan if members approved of an assessment so as to eliminate the loan would be interesting. At least give members the option when they know the total cost of the loans