Cohousing-L Mailing List: Re: separate account for gifts?

[Sharon Villines (sharon]

On Apr 6, 2010, at 12:23 AM, Sally Wright wrote:

> We need to set up a separate account, so that
> it doesn't comingle with either our annual budget or our reserve  
> funds. (No
> one wants an audit!) This much we know.

Why? Were there stipulations?

When our residents move out, they often give us money. Our policy is  
to put large donations into our capital reserve account to be saved  
for capital improvements.

Placing the money in capital reserves, I think, started with the first  
person who gave us $10,000 who said she wanted the money to go to  
capital improvements. She was on the facilities team and knew how hard  
it was to get money for new projects.

One person said he would prefer that the money be used to improve our  
energy efficiency but didn't require it.

We don't have so much money in our capital reserves that we would  
forget where it came from so we don't set up separate accounts.

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