The Audit Committee consists of at least three homeowners who are not currently serving on the board or as officers, and reviews the Georgetown Homeowners’ Association’s books, including balance sheets, statement of income and expenditures, budget accounting, and supporting ledgers and files to assure that the books are accounting are being maintained according to accepted accounting procedures and business practices.
The Committee also updates the inventory of HOA property, noting the condition of each item. The committee is formed and carries out its duties as soon as feasible after the end of the business year (coinciding with the calendar year) and submits a report and recommendations (if any) to the Board of Directors. All Audit Committee reports should be kept on file for reference.