|Re: Questions about Reserve Amounts||<– Date –> <– Thread –>|
|From: Joseph Wheeler (wheeler76gmail.com)|
|Date: Sun, 8 Jul 2018 08:44:05 -0700 (PDT)|
At Takoma Village, we have tried to gradually increase our reserve contributions every year. Our 2018 budget provides for about $235,000 in income from condo fees. (We also have about $5000 income from voluntary contributions for guest room use that go into our general operating funds, about $3000 interest income on our reserves that we reinvest in the reserves, and contributions from departing members that go into a separate "special projects" reserve.) We contribute almost half of the annual income from condo fees to our replacement reserve ($93,000) or maintenance reserve ($22,000). In our 18 years of operation, we have never had to ask members to pay a special assessment. With 43 units of varying sizes, our monthly condo fees range from $357-638 with the average being about $455. Of that average fee, about $223 would go to reserve accounts. We have commissioned a reserve study every 3-4 years and those studies inform our budget process. Our most recent study recommended continuing to increase reserve contributions about 5-6% per year to avoid risk of special assessments. The basic formula for calculating our condo fees is that 1/2 is split evenly among all the units and 1/2 is variable based on square footage of the unit. -Joe Wheeler Takoma Village Cohousing Washington, DC On Fri, Jul 6, 2018 at 9:06 PM, Ann Lehman <ann [at] zimmerman-lehman.com> wrote: > Dare I open this conversation up? No need to share horror stories I'm just > looking for what it's typical.......If you are ok with sharing.... > > 1) I am curious what different communities put into their reserves each > year (total & average per unit/per month) for reserves? > > 2) Is this amount = or greater than 10 % of your yearly budget? > > 3) Was this based on a reserve study? > > 4) If no reserve study what is based on? > > 5) How old your main buildings? > > 6) How is this divided up? Based on sq ft? The number of people? > Combination? Household? > > Heads Up, I will be out of the country for a few weeks but thought I would > get this conversation going so I could follow up when I return. > > Annie > > Ann Lehman > Governance and Gender Consultant > Zimmerman Lehman*forging futures for nonprofits > **http://zimmerman-lehman.com/ <http://zimmerman-lehman.com/> > *510.755.5701 (Mobile)*National Cohousing Conference, May30-June2, > 2019, Portland, OR* > > > ENEWS Subscribe to our free e-newsletter,ZimNotes > <http://www.zimmerman-lehman.com/subscribe.htm> or find us on: > > TWITTER <http://www.twitter.com/alehman> LINKEDIN > <http://www.linkedin.com/in/zimmermanlehman>FACEBOOK > <http://www.facebook.com/zimmerman.lehman> > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://l.cohousing.org/info > > > > -- peace, joe
Questions about Reserve Amounts Ann Lehman, July 6 2018
- Re: Questions about Reserve Amounts Joseph Wheeler, July 8 2018
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