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| LIFE IN SOLERA | NOVEMBER 2025 | 7 During the September Board meeting, the First Quarter's Financial Report was presented. e Dra Audit prepared by our CPA was also presented to and accepted by the board. is article will attempt to explain an important part of this audit's results and what this committee proposed to the board. e opinion states, "In our opinion, the nancial statements referred to above present fairly, in all material respects, the nancial position of Solera Oak Valley Greens Association as of May 31, 2025, and the results of its operations and its cash ows for the year then ended in accordance with accounting principles generally accepted in the United States of America." e CPA's Note 3 to the nancial statements is as follows: "Concentration of Credit Risk. e Association maintains bank accounts with balances that exceed FDIC federal insurance of $250,000. e nancial institution may carry private insurance, which may or may not be sucient to reimburse for any losses. On May 31, 2025, $484,816 was exposed to risk." During the review of this note, it was determined by the committee that there was an additional $200,000 which was at risk. is was reported to the auditor, who will adjust the amount in the nal report. What is important is what the nance committee, with Ellen's assistance, proposed to the board to correct this situation and prevent recurrence in the future. First, the auditor was asked to specically identify the accounts not insured. Once we received this information, we proposed to have the banking group to take $1 million of the Comerica Securities account in Reserves, and purchase four Certicate of Deposit (CD) of $250,000 each. We conrmed that this would resolve the current issue. Second, the Finance Committee reviewed all of the accounts to ensure they were held in Ameriprise Insured Money Market accounts and do not exceed their private insurance for funds up to $2.5million. e Finance Committee is committed to reviewing all of the investment accounts each month to ensure our funds are insured. We will attempt to be proactive in projecting the balance of accounts based on monthly income and expenditure of the Reserve account. ~ Marcia Casem Finance Committee

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