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
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.
Vicki Mace – Vicki has a Bachelor of Science degree in Chemical Engineering from the University of Waterloo, Kitchener, Ontario 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 Petro Canada, Consumers Gas, J P Morgan and Swiss Re (insurance). 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.