Budget & Finance


A. The Budget & Finance Committee is advisory in nature and serves at the pleasure of the South Riding Proprietary Board of Directors. Committee members may not make final decisions on any matters, expend Proprietary funds, or speak on behalf of the community, without the approval of the Board of Directors. The Budget and Finance Committee shall advise the Board on financial matters that affect South Riding.

B. The responsibilities of the Budget and Finance Committee shall include:

i. Develop and make recommendations on the annual operating budget, annual capital budget, annual assessments and investment strategy;

ii. Evaluate and make recommendations on monthly financial statements and reports, annual accounting audit and tax returns, annual contracts, capital expenditures, financial policies and procedures, spending authorities and investments; and

iii. As requested by the Board, conduct other duties as assigned.


A. The Committee shall be comprised of not less than five (5) and not more than fifteen (15) Members.


A. Committee members will nominate, amongst themselves, one Member to serve as Committee Chair and one Member to serve as Committee Vice-Chair. The Board will confirm the nominee for Chair and Vice-Chair, upon a majority vote following a nomination by the Committee or by a Member of the Board.

B. The Committee Chair (only) will act as liaison between the Committee and the Board or its Agent.

C. Membership on the (Budget & Finance) Committee will be conferred upon having attended 3 meetings within a 6 month period, being nominated by the Committee Membership and being appointed by the Board of Directors. Active participation is important to achieving the mission of the Committee, as such, a Member’s absence at 3 consecutive meetings will result in the loss of Committee Membership. The Chairperson is responsible for maintaining an official attendance roster and will administer notification of loss of Committee Membership due to attendance. Membership may be reestablished through the aforementioned requisite attendance requirement. Committee Members are eligible to vote and serve in leadership positions

D. If they are a member in good standing of the South Riding Proprietary.

E. By majority vote, the Board may remove Committee Members from time to time, as it deems appropriate.

F. The Committee must establish Quorum at a meeting in order to conduct business. Quorum will be established when:

i. Four (4) Committee Members are present and the total Committee Membership consists of less than ten (10) members, or

ii. Five (5) Committee Members are present and the total Committee Membership consists of ten (10) or more members.

iii. The Board Liaison attendance will count for Quorum purposes only in either case i or ii.

G. A majority vote (51% or greater) of the Committee Members present at a meeting at which a quorum is present will be required to carry a motion.

H. The Budget and Finance Committee will meet once per month, on the fourth Wednesday, or as otherwise determined and announced.

I. The Committee, by majority vote, may establish sub-committees or working groups to conduct special assignments as required by the Committee. Sub-committees and working groups will be established by the committee and the committee must:

i. Provide a clear purpose and develop goals for the sub-committees and working groups;

ii. Establish sub-committee and working group membership. The appointed chair must be a member of the Budget and Finance Committee. Members are not required to be members of the Committee but must be a resident in good standing of the South Riding Proprietary;

iii. Put forward a timeline for the sub-committee or working group being established.

J. Sub-Committees and Working Groups actions will be included in the minutes of the Budget and Finance Committee.


A. The Board must approve the nature and scope of any Association-sponsored activity in advance. The Committee is advisory in nature ONLY unless given SPECIFIC direction from the Board. The Board shall make all final decisions pertaining to the Association.

B. The Committee will submit an annual budget request to the Board.


A. This Charter shall remain in effect until amended or rescinded by the Board