|Re: contingency fund questions||<– Date –> <– Thread –>|
|From: Mac Thomson (macheartwoodcohousing.com)|
|Date: Thu, 12 Nov 2009 19:57:07 -0800 (PST)|
Our annual operating budget includes a 10% contingency budget which is available to teams who have extra expenses beyond their budgets. Our Steering team authorizes the spending from the contingency fund based on requests from the teams. Any operating profits plus a direct contribution from dues goes into our reserves fund each year. After about 25 years, we plan to have that fund built up to about $150K - $200K. The money is earmarked for specific anticipated repairs and replacements, rather than just a miscellaneous emergency fund, although it can serve as that in a pinch.
Cheers, Mac -- Mac Thomson Heartwood Cohousing Southwest Colorado http://www.heartwoodcohousing.com "A closed mouth gathers no foot." ********************************************************** On Nov 12, 2009, at 4:16 AM, cohousing-l-request [at] cohousing.org wrote:
Date: Tue, 10 Nov 2009 22:18:00 -0800 From: Jodi Coleman <jodicoleman1000 [at] gmail.com> Subject: [C-L]_ contingency fund questionsLast year (our second since moving in), our community created a contingency fund for unexpected and emergency expenses. We took the excess from our first year's budget (and the excess from each budget thereafter) to create the fund. We created the contingency fund so that each work team wouldn'tfeel the need to have a sizeable miscellaneous/emergency line in their section of our budget, and instead they would know that money could beavailable to them if they needed it. Going into our third year, we now have a healthy amount of money in this fund, so we are now needing to decidewhere to cap it. We are wondering how much money (what percent of the budget) other communities have in their contingency funds. I have read that severalplaces have 10% of their budget as a contingency fund. Is this 10% of your operating budget, or is this the whole budget including any additions to the maintenance reserves? Have folks found your systems to be adequate? Anyadvice folks have would be greatly appreciated!
- Re: contingency fund questions, (continued)
- Re: contingency fund questions Bonnie Fergusson, November 11 2009
- Re: contingency fund questions Larry Miller, November 11 2009
Re: contingency fund questions evdavwes, November 12 2009
- Re: contingency fund questions Rob Sandelin, November 12 2009
- Re: contingency fund questions Mac Thomson, November 12 2009
Re: contingency fund questions Lynn Nadeau / Maraiah, November 13 2009
- Re: contingency fund questions Rosemary McNaughton, November 14 2009
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