Cohousing-L Mailing List: separate account for gifts?

[Sally Wright (shwright]

>From time to time folks have asked how they could give money to our
cohousing community. They may have appreciated the use of our guest rooms or
the help we offered in selling their unit.  In a recent case, a community
member left us money in his estate.  At this point, we need to handle this
money in a responsible way.  We need to set up a separate account, so that
it doesn't comingle with either our annual budget or our reserve funds. (No
one wants an audit!) This much we know.
 
This is what we don't know:
- What is the legal structure that needs to be set up?
- Would this structure need by-laws, addressing how the money should be
spent, and what percentage should remain in the fund?
- Would a separate board need to be created, one that would oversee the
distribution of funds?
 
We're assuming that each state will have slightly different laws, but
suspect that the principle is the same in every state.  So, even if you
don't live in California but know what your state's laws are, we'd like to
hear from you!
 
Thanks for your help.
 
Sally Wright
Pleasant Hill Cohousing
Pleasant Hill, CA
 
shwright [at] sbcglobal.net