|Re: financing capital projects||<– Date –> <– Thread –>|
|From: R.N. Johnson (cohorandayahoo.com)|
|Date: Mon, 4 Jun 2012 12:06:20 -0700 (PDT)|
I got some follow-up question off line about whether people who contributed extra had any extra say in the use of the money. Hi R.N. I saw your recent message on coho-l and want to ask a follow-up question. When people contributed additional money to your cash call, was this a "donation" or was there a way to pay them back? If it was a donation, did it give them any additional rights, say on how it was used or other benefit? Feel free to answer on coho-l or direct. Melanie Mindlin To answer your questions- those who contributed did not get any extra say in how it was used. For this cash call, the extra money was a donation. We all put our "bids" on what we were willing to contribute anonymously On a couple of other occasions some members have loaned money to the group interest free so that we could complete a major project before we had accumulated the cash in our maintenance fund. Since we bought a 27 year old complex, we have hit some big repairs in our first few years as a community.
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