UCO Finance Committee

Status

📅 Meets monthly on the fourth Wednesday at 12:00 p.m. in the UCO Conference Room.

About

The Finance Committee shall consist of the Treasurer as chairperson and at least four (4) UCO MembersUnit Owners designated by the Treasurer, with the advice and consent of the Officers CommitteeUCO Officers, and with such powers and duties as may be stipulated by a vote of the Officers Committee and the Executive BoardUCO Officers, 20 elected and up to 4 appointed Executive Board members. Among such duties shall be to study the monetary needs of UCO and to present to the Officers CommitteeUCO Officers and the Executive BoardUCO Officers, 20 elected and up to 4 appointed Executive Board members at their September meetings, a proposed budget for the next calendar year.

This proposed budget may be amended by the Officers CommitteeUCO Officers and the Executive BoardUCO Officers, 20 elected and up to 4 appointed Executive Board members and shall be submitted to the Delegate Assembly349 Delegates representing the 309 Condominium Associations at its October meeting for consideration and approval. In the event that the Delegate Assembly349 Delegates representing the 309 Condominium Associations does not approve the budget at the October meeting, the budget currently in place shall prevail until such time as a new budget is approved. After the budget has been approved for the coming calendar year, the Finance Committee shall make a continuing study of the actual and projected income and expenses, shall forecast the excesses or deficits expected to exist by the end of the calendar year, and shall make recommendations for bringing the finances of UCO into line.

The Delegates shall have the authority to amend the budget by exercising a line item veto of two thousand five hundred dollars ($2,500) or greater, including reserves. A motion for such a line item veto may be made at the Delegate Assembly349 Delegates representing the 309 Condominium Associations at which the budget is being presented for approval. See also Article VI, Powers and Duties of Delegate Assembly349 Delegates representing the 309 Condominium Associations.

The committee shall submit its recommendations as to the dollar amount of dues per condominium unit per year to the Delegate Assembly for its final consideration.

The fiscal year shall be the calendar year unless changed by vote of the Delegate Assembly349 Delegates representing the 309 Condominium Associations upon recommendation of the Finance Committee.

Expenditures not previously budgeted, in excess of two thousand five hundred dollars ($2,500), must be approved in advance by the Officers CommitteeUCO Officers, the Executive Board and the Delegate Assembly349 Delegates representing the 309 Condominium Associations. Requests for expenditures under two thousand five hundred dollars ($2,500), not previously budgeted, shall be presented to the President for his or her approval.