Association Reserves questions | <– Date –> <– Thread –> |
From: Pat Little (redtailcablespeed.com) | |
Date: Tue, 16 May 2006 18:08:14 -0700 (PDT) |
At Jackson Place Cohousing in Seattle we are doing our first reserves study since we moved in. Our friends at Puget Ridge provided a lot of information from their reserves study, which is helping us greatly. And it turns out, surprise, surprise, we have not been saving enough. So, we are facing the prospect of persuading our community of the need for a large increase in dues by maybe 30% to correct this. And I'm wondering if there are some of you out there who can help us with your experience or advice. Here are the questions we are pondering: - How do we prepare the members for the big increase? We know many of the "logical" reasons for it, but I'm sure it's going to be an emotional discussion. It would help us to be able to show what percentage of the annual budget other Cohousing communities pay for reserves. If you're willing to provide this information, please also include number of units, age of project, whether urban or rural, and if you too are catching up with previously under-funded reserves. - We have a long list of potential reserves components, around 60. Should we itemize the smaller things in our reserves study, which requires effort to estimate life and replacement costs for each of them, or should we instead lump them in a 'general' reserves category to cover the (unspecified) small stuff (and gradually increase the funding over time to match inflation)? Or should we just handle this via 'general maintenance' in our annual operating budget? And a more technical bookkeeping question - we are wondering how to track the reserves funds in our bookkeeping system. Most of the accumulated reserves will be in a separate savings account, requiring 2 signatures for withdrawals, but collections from the current year will be in the checking account for some time before they get transferred to savings. We'd like to have a way to show, in the books, the total accumulated reserves regardless of which account they are in. We use QuickBooks. Does anyone have experience with this, and could tell us what you did? Many thanks, Pat Little Jackson Place Cohousing
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