Re: separate account for gifts?
From: Sharon Villines (sharonsharonvillines.com)
Date: Tue, 6 Apr 2010 05:00:28 -0700 (PDT)

On Apr 6, 2010, at 12:23 AM, Sally Wright wrote:

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.

Why? Were there stipulations?

When our residents move out, they often give us money. Our policy is to put large donations into our capital reserve account to be saved for capital improvements.

Placing the money in capital reserves, I think, started with the first person who gave us $10,000 who said she wanted the money to go to capital improvements. She was on the facilities team and knew how hard it was to get money for new projects.

One person said he would prefer that the money be used to improve our energy efficiency but didn't require it.

We don't have so much money in our capital reserves that we would forget where it came from so we don't set up separate accounts.

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org





Results generated by Tiger Technologies Web hosting using MHonArc.