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LSTAR ANNUAL GENERAL REVIEW 2022
The committee also recommended and the Directors approved that all new Members be given a lockbox when they
join LSTAR and that all existing Members be given a voucher offering a $50 discount toward the purchase of one
lockbox, valid until the end of 2022.
The committee recommended and the Directors approved that the monthly Assessment Fee for Members be
increased by 4%, and that COLA (Cost of Living Allowance) not be applied in 2023.
The committee recommended and the directors approved that the 2023 LSTAR budget based on 2,250 Members with
a 4% increase in monthly Assessment Fees be approved as presented.
Finally, the committee recommended and the Directors approved that LSTAR accept the Property Needs and Options
Assessment for information and move forward to determine next steps.
AUDIT
The mandate of the Audit Committee is to develop and implement an annual
work plan to appoint an external auditor and oversee the audit process based on
the Board's goals for a governing year.
Responsibilities include:
·
To review and create a strategy addressing current, future and perceived
risks.
·
Risk management will be a standing item on the agenda of the planning
meeting of the Audit Committee.
·
Management and the Audit Committee will discuss the risks and
mitigating factors in light of changing internal and external environments.
·
A risk management report from the Audit Committee will be an input into
the Board Strategic Planning Session.
·
The Board may consider a full risk management planning session every
3 to 5 years if the internal or external environments have changed or the
strategic objectives change significantly.
·
Board will monitor risk through the Board monitoring dashboard.
Pre-Audit
·
To review all of the Association's critical accounting policies and all major issues regarding accounting principles
and financial statement presentations.
·
Prior to the commencement of the annual audit work, review with the external auditor the plan and required
documentation.
·
Oversee the Association's asset and risk management.
Post-Audit
·
To review with management and external auditor any significant issues, the concerns or difficulties encountered
during the course of the audit.
·
Discuss guidelines and policies to govern the process by which risk assessment and risk management have been
and are handled.
The Audit Committee reviewed proposals from three organizations who submitted responses to LSTAR's RFP (Request
for Proposal) for the Association's auditing services. The committee recommended to the Finance Committee that Ford
Keast be retained by LSTAR as its Auditor. The Finance Committee recommended and the Board of Directors approved
appointing Ford Keast as LSTAR auditor. LSTAR Members approved the motion at the LSTAR AGM on June 28.
The Audit Committee, with the Finance Committee, recommended and the Board of Directors approved that the LSTAR
2021 Audited Financial Statements be approved as presented. The LSTAR Membership approved the 2021 Audited
Financial Statements at the LSTAR AGM on June 28.
CHAIR
Richard Thyssen
MEMBERS
Kathy Amess
Eric Gagne
Steve Riddell
Warren Shantz
Jonathan Wiseman
Bill Madder
Csaba Hegedus
STAFF LIAISONS
Joanne Shannon
Chad Lovell