Cohousing-L Mailing List: Re: Annual audit ? Bookkeeping? Reserve studies

[Ruth Hirsch (heidinys]

Hi,

We have never done a Reserve Study.  As the liaison with this List, I have 
forwarded a lot of the e-conversation about it to my neighbor on our Long Term 
Planning Committee.  Would someone please send a definition of what it is? And 
how it is worth the expense.  Part of her response is below.
Thank you,
Ruth 
Cantines Island CoHousing, Saugerties, NYS

From Long Term Planning:   "I don't really know what a reserve study is.  We 
have consistently tried to keep our CPA expenses as low as possible, and even 
talked at Community meetings about filling out our own tax returns.
    I guess we need to check to see if we are in full compliance with law - 
hopefully [the attorneys in our community]  will have an informed opinion. 
Meanwhile Long Term Planning is charged with task of alerting the community to 
big expenses forthcoming.  We depend on the will of the community to decide how 
much we are putting in reserve.  
    Its interesting fuel for discussion at either Legal/Finance or Long Term 
Planning Meetings.