Cohousing-L Mailing List: self-managing cost overruns

[Ksenia Barton (kbarton]

Hi folks,

At Cranberry Commons, we are in the not-uncommon situation of dealing with cost
overruns. We'd appreciate some advice about how to manage things at this point.
The residents are directors in the development corp., and we hired a cohousing
consultant and a construction manager (who also did our accounting). Our
contract with our consultant is over, and the builder has limited time to devote
to our project due to the project taking longer than anticipated. We moved in in
October and paid for our homes, but the development corp. is now in the red and
all households need to come up with cost overruns immediately to pay trades,
etc. Questions have been raised about the accuracy of the accounting because the
estimated cost overruns have quadrupled since the last accounting report that we
received (2 1/2 months ago). Any advice regarding the following:

* ensuring that the final accounting is accurate;
* ensuring that residents get adequate documentation of their final purchase
price (is this necessary?);
* phasing out the Development Corp as a legal entity;
* dealing with a household potentially selling a unit before final accounting of
cost overruns is completed; and
* other things we haven't thought of?

Thanks in advance,
Ksenia Barton

Cranberry Commons Cohousing
Burnaby, BC, Canada
http://www.cranberrycommons.ca/


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