Re: 1st Year's Budget and Waiting List | <– Date –> <– Thread –> |
From: Berrins (Berrinsaol.com) | |
Date: Mon, 1 Nov 1999 20:38:39 -0700 (MST) |
In a message dated 11/1/99 8:59:13 PM, zabaldo [at] earthlink.net writes: << 1. What was your process for creating your original budget; what was the decision making process? 2. What is your "wait list" policy? >> 1) At Pathways we are also under construction and are also dealing with setting things up for after move-in. The process for setting up the after move-in budget was remarkably handled by our finance committe. They came up with a budget that wowed everyone with its attention to detail and they offerred several different scenarios, complete with spreadsheets. The committee includes a former superintendent of schools from a town near Hartford, who has a lot of experience setting up budgets and forecasting expenses. It will probably be rearranged after we set up our after-move-in committee structure, but it does anticipate many long term needs, such as road and roof repair. We haven't considered hiring a management company, although we know they exist and may talk to a couple, just to get an idea of what our condo association needs to do tax-wise and legally. For example, I just found out this week that our sewer rate is tied directly to our water use rate; this will impact how we get water to public places, in that we probably won't just run hoses from people houses unless we have to. 2) Regarding the waiting list, we are lucky and had committments for all of the units well over a year ago. Those on the present waiting list had to go through the same requirements unit owners (aka "core" members) had to, but we are now discussing how to change the requirements so future waiting list folks won't have to do so much just to get on a list. Regarding "membership", our attorney advised us not to use that term in our by -laws for anyone except core members, because "membership" may infer some kind of rights regarding the legal association of unit owners (in our case, a condo association). We don't have a better term yet. Waiting list folks don't have any benefits or "rights", except the right to attend meetings (but not vote on consensus items). However, some kind of benefit(s) could help keep waiting lists folks in touch and ready to buy when the time comes; hmmmm....... Some neighboring lots are being sold by our builder and are being bought by waiting list folks who want to be associated with the community. We used to call them associate members, but now have to come up with another new term. Any ideas? We are also discussing just what kind of relationship we will have with these neighbors. Since the waiting list is for resales, you will want to have a resale policy in place also. For example, if you allow sellers to get the most they can, you needn't bother keeping a prioritized list, because several list members may be bidding on the house anyway. However, if you set a price ceiling, then you can go through the list one by one until you get someone ready to want that house and meet that price. Also, if you allow some folks to get bumped up on the list, like famly members or to increase your diversity, make sure the kind of prioritizing you do is legal. Lastly, if you make a deal with local housing authorities to help lower income folks, you may have to make some compromises on how you set up your lists. Good luck! If you like, I will ask the group if I can send you a copy of our final initial budget ("final initial"- does that make sense?), probably minus the numbers, and our waiting list and resale policies. -Roger
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1st Year's Budget and Waiting List ann zabaldo, November 1 1999
- Re: 1st Year's Budget and Waiting List Berrins, November 1 1999
- Re: 1st Year's Budget and Waiting List ann zabaldo, November 2 1999
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