Audit Committee

Audit Committee Charter Purpose: The primary function of the Audit Committee (Committee) is to fulfill its oversight responsibilities relating to the quality of financial reporting and internal controls. Consistent with this function, the Committee should encourage continuous improvement of, and should foster adherence to, the Association’s policies, procedures and practices at all levels. While the Committee has the powers set forth in this Charter, it is not the duty of the Committee to plan or conduct audits or to determine that the Association’s financial statements are complete and accurate and are in accordance with generally accepted accounting principles. This is the responsibility of management and the independent accountant. However, it is the responsibility of the Committee to ensure reasonable steps are taken by management to ensure the accuracy of financial reporting. Composition: The Board chairperson will appoint a Board member to serve as the Committee chairperson until the annual re-organization of the Board, and the Committee chairperson will participate with the Board chairperson to appoint at least three additional Board members to serve on the Committee. In the event the Committee Chairperson cannot attend a meeting, the Board Chairman may appoint another member of the Audit Committee to serve as an interim Chairperson. Every Committee member must be free from any relationship that, in the opinion of the Board, ...