|Re: Cohousing Helping Funds?||<– Date –> <– Thread –>|
|From: fergyb2 (fergyb2yahoo.com)|
|Date: Wed, 18 Dec 2013 08:13:58 -0800 (PST)|
At Swans Market Cohousing we try very hard to make realistic predictions about what it will cost to replace or repair our commonly owned things in the future and make fairly substantial payments to our reserve fund every month as part of our HOA dues so that hopefully we will never have to face large assessments. However during the worst of the recent economic downturn we did establish what we call a Spare a Dime fund (we were singing a lot of Depression era songs at that meeting) to make temporary loans to households who face unexpected financial difficulties so that they can pay their HOA dues in a timely manner. Each family contributed $15 a month to the fund for about a year to get it established. Essentially it's a kind of insurance scheme. The Treasurer and President can make dispursements from the fund if they feel the need is legitimate and it is a loan which must be repaid. We established the fund at a time when 10% of our households had people out of work and we were worried about everyone being able to make their monthly HOA dues. We no longer contribute to the fund but have been rolling the money over every year so we still have it available for this purpose. Everyone is back to full employment at this time but every year we discuss whether to put the money back into the general fund or keep it as a Spare a Dime fund and so far we're keeping it. It has worked well, been used several times and been repaid. All part of our creative attempts to support each other during hard times. Bonnie Fergusson Swans Market Cohousing Oakland, CA Sent from my iPad On Dec 17, 2013, at 9:29 PM, Barbara Moulton <bcmhorse [at] sonic.net> wrote: > > Hi, Cohousers, > > In my community we’re facing a substantial per unit assessment to cover major > repairs to our buildings. We’re interested in setting up a “Helping Fund” > whereby those who are able to donate or lend could help those who would have > serious difficulty covering their assessment. > > We would like to know if any of you have ever set up a “Helping Fund,” what > were the mechanics of it, did it work out well? Problems? We’d like to > learn from your experience. > > Thanks, > > Barbara Moulton > Santa Rosa CA 95405 > bcmhorse [at] sonic.net > > > > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > > >
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