Cohousing-L Mailing List: Re: survey on "for-profit entity"

[David Mandel (dlmandel]

We use option 4 at Southside Park. Works fine. Our club collects
payments for meals, laundry and child care at general meetings and pays
for those expenses. It has its own checking account and we very loosely
make sure there's no profit. Occasional surplus is used for some other
one-time purpose. Very little cash actually goes in and out, however;
cooks are credited for their purchases for meals, for instance, offset
by charges to their household for meals and laundry use. Only if the
balance gets out of whack is it necessary to actually write a check.
Once in 7.5 years for my household, I think.
David

Howard Landman wrote:

> The finance committee here at River Rock Cohousing in Fort
> Collins CO is being pressed to finalize our approach to
> activities which could jeopardize the non-profit status of
> the HOA.
>
> We've identified several possible approaches:
>
> 1)  Let the HOA collect and pay out the money for atypical
> activities, and make sure to stay within the dollar limits
> imposed by the IRS.
>
> 2)  Informal "clubs" (such as meal clubs) which operate on
> a cash basis, and break even at the end of the year.
>
> 3)  Informal "clubs" which use somebody's checking account,
> and break even at the end of the year.
>
> 4)  "Umbrella" club which handles finances for a variety of
> activities.
>
> 5)  Non-profit organization with its own tax number.
>
> 6)  Corporation: totally owned subsidiary of the HOA.
>
> 7)  Corporation: shares owned by residents.
>
> What I'd like to know from other communities is:
>
> A) Which of the above do you use (or, if none, what *are*
> you doing)?
>
> B) How is it working so far?  (I.e. are you happy or do you
> wish you'd done something else?)
>
> Thanks in advance,
>
>         Howard A. Landman
>         River Rock Cohousing
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