Each month the HRCA staff prepares monthly detailed financial statements pertaining to each department which is then reviewed and approved by the HRCA Finance Committee members (a group of homeowner volunteers with expertise in finance and accounting) at the monthly Finance Committee meetings. The following month, the HRCA Board of Directors review and approve the Finance Committee minutes and the summary of financials. The minutes and summary of financials are part of the monthly Delegate & Board Packet. These documents are published on the HRCA site and made available to the community.
HRCA uses a calendar-year financial reporting. An annual budget is prepared by staff, presented to the Financial Committee members for review. A series of meetings are held by the Finance Committee to assist in creating the annual budget for the next financial year. Community members, Delegates, and Board members attend these meetings and provide valuable feedback. The Finance Committee then proposes an annual budget to the Board of Directors. The proposed document is reviewed and recommended in a joint meeting of the Finance Committee and the Board of Directors. The proposed budget is then presented to the District Delegates and any community members present in a formal presentation during the October Delegate meeting. At this time, Delegates and community members are welcome to ask questions and gain a clear understanding of the proposed budget for the following calendar year. After any changes, a proposed budget is then recommended to the Board of Directors for approval at the November Board meeting.
At the end of each fiscal year, HRCA engages an independent accounting firm to perform an audit of the HRCA financial records and statements. This audit is performed in accordance with generally accepted auditing standards, in order to provide an opinion on the financial position of the HRCA.