Cohousing-L Mailing List: Re: Separate Account for Dining

[Philip Dowds (rpdowds]

Diane —

It probably all depends on what you mean by “account”.  In terms of *bank* 
accounts, many of us have just two:  A *checking account* for receiving 
deposits, and a *savings account* for long-term storage of surplus cash, 
probably accruing at a modest rate of interest.  (Set aside, for now, all the 
complexities of money market accounts, investment and brokerage accounts, etc.)

In terms of community financial management, at Cornerstone we use Quickbooks 
(QB).  Our QB “chart of accounts” lists around 40 or 50 account and sub-account 
lines — one of which is an account for cash related to community meals prepared 
and consumed.  As a matter of routine, the Treasurer and other volunteers track 
spending and collections for the meals account.  But meals money (never a large 
surplus or surplus) remains parked in the bank checking account — and the bank, 
of course, has zero knowledge of, or information about, how we manage meals 
money.

As a former Treasurer, my advice is:  Strive for as few bank accounts and (QB) 
finance accounts as you can get away with.  Your community accounting system 
can and should be customized to easily ASK AND ANSWER THE FINANCE QUESTIONS 
THAT ARE IMPORTANT TO YOU.  I will note that at Cornerstone, we remain 
hyper-vigilant in tracking and controlling each and every dollar … but are 
surprisingly indifferent to managing or tracking our other vital community 
resource: volunteer hours.

------------------
Thanks, RPD
617.460.4549

On May 5, 2023 at 7:19:37 AM, Diane Puntenney (diane [at] pomonavisions.com) 
wrote:

I've been reading the email archives about how various communities  
handle their dining funds. I notice that quite a few communities have a  
separate bank account for meals. I'm wondering how you handle this. We  
have had an account entirely separate from HOA funds, which means that  
we can't get a business or group account; the account is personal to the  
individuals on the account. I'm wondering if some communities have had  
success with having an account owned by the HOA for the "Dining Club"  
which is entirely separate from other HOA funds.  

Diane Puntenney, Phoenix Commons, Oakland, CA  

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