Finance Committee – Continued
Finance Committee History
The Finance Committee is a sanctioned committee of the Board of Directors of VillageWalk of Bonita Springs Homeowners’ Association and is comprised of five voting members and two non voting members. The Committee operates under the Terms of Reference established by the Board of Directors in 2014. The original Finance Committeee assisted the Town Managers in an unofficial role in budget preparation and other matters as early as 2009.
Committee Members – Voting
Galt Arthur – Galt has a Bachelor of Commerce degree from the University of British Columbia. He is a retired Canadian Chartered Professional Account and Chartered Accountant with 50 years of professional accounting experience. He is also a retired Certified Information Systems Auditor. Galt was a partner with Deloitte and Touche where he spent 40 years working in the areas of Audit, Information Systems and Risk Management. Following his retirement from Deloitte, Galt joined the Canadian Public Accountability Board where he initially served as a Senior Inspector, and then as Vice President and CIO. Galt joined the Committee in 2018.
Carl Cappadona, Treasurer of the Board – Carl has a Bachelor of Science degree in Accounting from Providence College, a Master of Business Administration degree from Fordham University and is a retired Certified Public Accountant. He has over forty years of experience in the finance and accounting areas with several respected auditing firms, retiring as a partner with a large, national accounting firm. He has served on the Board of Directors for his condominium association in Sanibel for six years, as Treasurer and Chairman of the Finance Committee. Carl was one of the first members of the (then unofficial) Finance Committee in 2009 and was a member of the Transition Committee.
Guy Gervasi – Guy has a Masters in Chemical Engineering from Manhattan College, New York and a Masters of Business Administration from the University of Connecticut, Storrs, Connecticut. He has extensive work experience with Pfizer Inc. and Koch Industries, particularly in corporate planning, budget review, mergers and acquisitions. Guy has served as President of his condo corporation in New York for 6 years and as President of the Clarkstown Taxpayer Association for 5 years. Guy joined the Committee in 2018.
Tom Hearne – Tom has a Bachelor of Arts degree from Clarke University, Worchester Massachusetts, a Master of Business Administration (concentration in accounting) from the University of Tennessee, Knoxville and is a retired Certified Public Accountant. He has worked at the University of Tennessee as an Assistant Professor of Mathematics, at Peat Marwick Mitchell & Co., at Gelco Corporation as a Division Accounting Manager / Director of Investor Relations, and as Assistant Division Controller, at Park Nicollet Medical Center as Controller and at Check Technology Corporation as Vice President, Finance and Administration. Tom is also an AARP volunteer tax preparer. Tom joined the Committee in 2016.
Dan Jasper – Dan has a Bachelor of Science degree in Business Administration from University of Missouri-St. Louis. He is retired from commercial banking with over 43 years of experience, at several financial institutions headquartered in St. Louis, with exposure to lending, asset acquisitions, asset sales, problem asset management & litigation and budget responsibilities exceeding upper 7 figures. Previously positions as Board Member/Officer of 3 HOA’s and 1 commercial condo association, and member of Finance committee of Bonita Bay. Dan and his wife Norma have been full time residents of Lee County for over 9 years, residents of VillageWalk since November 2017. Dan joined the committee in 2018.
Linda Johnson-Linda has a B.S. degree in Accounting from The Ohio State University (OSU) as well an M.S. in Community Development from OSU. She is a retired CPA and CIA (Certified Internal Auditor). Linda’s career included working as an internal auditor at OSU and Business Manager for OSU Extension. Responsibilities included managing budget and payroll for OSU Extension which involved a $40,000,000 budget and 1,000 employees. Linda has owned in Villagewalk since 2008 and joined the Finance Committee in 2018.
Vicki Mace – Vicki has a Bachelor of Applied Science degree in Chemical Engineering from the University of Waterloo (Waterloo, Ontario, Canada) and a Master of Business Administration degree from the University of Western Ontario (London, Ontario) . She has worked for a number of large multinational organizations, including Swiss Re, J.P. Morgan, Consumers Gas, and Petro Canada. She has extensive experience in financial analysis, planning and financial projections, credit and risk assessment. Her career has included pricing and contract negotiation. Vicki joined the Committee in 2015.
Committee Members – Non Voting
President of the Board
Previous Committee Members
The following volunteers have served on the Finance Committee and contributed to our community
The Committee helps the Town Manager develop the Annual Budget for VillageWalk of Bonita Springs Homeowners Association and reviews monthly and annual financial results. The Committee also holds Budget Review meetings to allow owners to ask questions about the annual budget , just before the budget is presented to the Board.
The Finance Committee, under the auspices of the Transition Committee, developed an Approval Policy for VillageWalk of Bonita Springs Homeowners’ Association. The related Travel Expense Policy is a subset of the Approval Policy.
The Finance Committee has also developed a Late Payment Policy. This policy authorizes a 5% late payment fee for delinquent assessments, 18% simple interest on delinquent accounts and the suspension of use of common elements for accounts over 90 days delinquent, all as allowed by Florida statutes.
The Finance Committee has also devised an Investment Policy to establish how funds not immediately needed can be invested and to establish performance reporting expectations.
Audited Financial Statements
The audited financial statements from 2007 to date for VillageWalk of Bonita Springs Homeowners Association can be found on the secure portion of the website under Community Directory and Committee Reports – Finance tab.
You can also find the audited financial statements which cover the entire period when Pulte/Divosta were in control of the Board of Directors for the period March 3, 2004 to March 3, 2015
The year to date unaudited financial statements for VillageWalk of Bonita Springs Homeowners Association can be found on the secure portion of the website under Community Directory and Committee Reports – Finance tab. These reports show a summary revenue and expense statement for the latest quarterly year to date.
Finance Committee Meetings
The Committee meets at least two times per year. Finance Committee meetings are announced by email blast and by posting the agenda in the Town Center. Minutes of past meetings are posted on the secure portion of the website.