|separate account for gifts?||<– Date –> <– Thread –>|
|From: Sally Wright (shwrightsbcglobal.net)|
|Date: Mon, 5 Apr 2010 21:23:56 -0700 (PDT)|
>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
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