By Carmen Maymi
Finance Liaision, Resident Advisory Council
On behalf of the 2018 RAC Finance Committee, I invite you to join us in discussions to create a better understanding of the financial world at Riderwood. The RAC Finance Committee meets monthly with the staff of the Riderwood Finance department, reviews financial data, prepares financial analyses, and makes this information available to residents. As we implement the shared objectives of Riderwood management and the Resident Advisory Council, we want to communicate with you regularly.
First, I want to introduce you to the members of the 2018 RAC Finance Committee: Carmen R. Maymi, Chair; Bob Phillips, Secretary; Carolyn Compton; Diana Glockner; Jim Torri; Ed Vilade; Jack Wachtman; Suzan Wynne; Guests: Pat Davis, Riderwood Board of Directors; Bette Martin, Chair of RAC.
Our areas of focus include monthly operating revenue and expenses and the need to have a positive income and favorable operating ratio to provide needed services for the community, guarantee stability and ultimate return of deposits. (How secure is our money?) In non-operating income and debt, we discuss why it is important to take on a degree of debt to finance long-range plans and other major initiatives. (How is Riderwood paying for new construction and renovations?) These are some of the questions that residents have raised, and the answers can be found in the Riderwood Financial Report. Look for the monthly report in the White RAC Book in each community building.
In May, the RAC Finance Committee, in partnership with the Finance Office, will open the lines of communication with you. You may send questions via the RAC Box in each community area. Every month, the Riderwood Reporter will dedicate one segment to “Frequently Asked Financial Questions”. The Finance Director will conduct a Finance 201 workshop for residents who want to learn more details. Information on this event will be distributed soon. Please send us any suggestions for other communications avenues that can be used to best convey important financial information to keep our residents aware of updates.