Cohousing-L Mailing List: Re: Chart of Accounts for Cohousing HOA

[Sharon Villines (sharon]

I exported these account names from our annual budget but I think some need 
explanations. The account titles are not necessarily descriptive.

> Takoma Village Chart of Accounts in 2022
> 
> INCOME:
>       Association Fees             
>       Late Fee Income  
We have close to no late fees which are only charged if the fees are 30 days 
late.
>            
>       Workshare Donation
We have a member who is often working 2-3 jobs and she will contribute a few 
hundred dollars every few months when we haven’t seen her around. Some will 
make contributions for months when they are on vacation or unavailable.

>       Guest Room Fee Income        
>       Miscellaneous Income         
>       Interest Income - Reserves
>       Interest Income - Operating
>       Transfer from Members’ Equity
I believe this is a transfer from fees paid in advance so they are technically 
in savings.

>       Electricity Credits
We installed solar panels which has eliminated our electricity bills and 
provides income instead.

> EXPENSES
> 
> -Contracted Services
>       Exterminator Contract        
>       Elevator Contract  
Annual contract to cover inspections and repairs.
>          
>       Landscaping
An amount for any major work like ground aerating.

>       Refuse Removal
Trash and recycling
>               
>       Snow Removal  
Used when there is more than 3” of snow and the parking lot has to be plowed. 
We do the walkways. There are a lot! It’s amazing how many cohousers are avid 
snow shovelers. I think we did buy a small snow blower — we have the equivalent 
of a city block of exterior sidewalks in addition to exterior corridors and 
stairs.
>               
>       Sprinkler & Fire Alarm  
Requires regular testing and maintenance.

> -Utilities
>       Electric                     
>       Gas                          
>       Water & Sewer                
>       Telephone                    
>       Internet
We maintain high speed service to all units (2 modems with Business class 
service)
>                     
>       Web Services
Website and online document storage
>       Satellite TV
For connections in the common house
>                 
> -Repairs & Maintenance
>       Building & Equipment         
>       Floor Maintenance            
>       Parking Gate Maintenance
If you have a parking gate, think carefully. We are in the city so we need this 
but these gates are not so solid as they seem. Particularly when a garbage 
truck hits them.
>     
>       Sump & Ejector Maintenance
We have a very high water table so this  is not an incidental charge.
>   
>       HVAC Repairs                  
>       Fire Alarm & Sprinkler Rep.  
>       Elevator Repair              
>       Janitorial Supplies          
>       Landscaping Supplies         
>       Plumbing                     
>       Tools & Equipment            
> 
> -Community
>       Miscellaneous Community      
>       Community Events             
>       Guest Room Supplies          
>       Kitchen Supplies             
>       Cohousing Membership         
>       Common House Interior  
Has been used for small items that are not in the capital reserve account. Rain 
rugs by doors, small rugs, kitchen and cleaning equipment, telephones. We were 
10 years old before we had funds set aside for these things. Large items are 
covered by the reserves — and it was 10 years before we had enough saved to 
replace second hand furniture donated when we moved in.
>      
>       Recreation Equipment    
Soccer nets, balls, riding toys

>        Resale Pod
“Information cards”, refreshments for tours and information sessions, etc.
> 
> -Administration
>       Audit & Tax Preparation      
>       Legal Fees                   
>       Management Fees              
>       Office Supplies & Expenses   
>        Postage                       
>       Printing & Copying           
>       Miscellaneous Administration 
> 
> -Taxes & Insurance
>       Income Taxes - Federal       
>       Real Estate Taxes            
>       Income Taxes - State         
>       Insurance - Property          
>       Insurance - Crime
Liability insurance for the board and volunteers. Covers the costs if they 
unintentionally make bad decisions.
>            
>       Insurance - Workers Comp     
> 
> -Reserve Contributions
>       Replacement Res Contribution 
>       Reserves Interest 
This transfers the interest income from the reserves back to the reserve 
accounts
>       Special Projects Res [Capital Improvements]
This is funded by donations from residents, most recently from donations for 
help in selling units.
>       
>       Emergency/Contingency Res  
This one was not listed in the recent list of accounts. I added it because it 
is money that just sits there. Our budget is now close to $300,000 a year so 
there is enough margin to delay some expenses so we can cover others without 
using reserves. That was not true for the early years when we kept $3000-10,000 
in this fund and often used it.

Studying budgets is a very good thing to do when you are in design phase. How 
much will a design feature cost every year for the foreseeable future?

Sharon
----
Sharon Villines
Takoma Village Cohousing, Washington DC
http://www.takomavillage.org