Replacement reserves
From: Harriet Lewis (hlewissonic.net)
Date: Thu, 8 Apr 2004 15:23:11 -0700 (PDT)
Thanks to the people who have responded to my initial request for information about replacement reserves. Our cooperative, Santa Rosa Creek Commons, has money in replacement reserves earmarked for replacement of individual apartment appliances, carpet & vinyl replacement, interior painting, etc. In addition, of course, we have money there for major expenditures related to aging buildings such as asphalt repair and new roofs (20-30 years) . Does anyone else include items for interior units in replacement reserves? At this cooperative, when a member leaves, the apartment ownership (share) reverts back to the co-op so maybe that is why we feel the need to have money available to replace aging appliances and floor coverings. We got into this study of replacement reserves when we encountered resistance to an increase in carrying charges to cover needed exterior painting. Some members felt that was an expense that should have been included in replacement reserves. Harriet Lewis, Santa Rosa Creek commons.


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