Re: Saving up for a capital expense
From: lusty (lustylusty.org)
Date: Wed, 4 Nov 2020 15:05:32 -0800 (PST)
We approached it a bit differently when we wanted to install solar panels. On 
an opt-in basis, association members loaned money to the association, which is 
paying back with interest over (in our case) 10 years. This worked well with 
our budget because the cost of the electricity bill went down, more than 
covering the cost of the principal plus interest payments on the solar loans. 

We recently had a death among the members, and someone else bought out the 
remainder of her loan from the heirs.

> On Nov 4, 2020, at 1:49 PM, Linda Hobbet <coho [at] lindahobbet.com> wrote:
> 
> Hi,
> 
> We are working on our first annual HOA budget. Our treasurer, who is 
> experienced with budgets in business, says we can't carry funds over from one 
> year to the next (except for the reserve fund). So how can we save up for a 
> capital improvement that is more expensive than we can collect in one year? 
> Is there a way other communities handle this?
> 
> Thank you,
> Linda
> 
> -- 
> VillageHearthCohousing.com
> 706-202-7278
> coho [at] lindahobbet.com
> 
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