Cohousing-L Mailing List: Re: Cash gifts to community?

[Lyn Deardorff (lynpeachtree]

Thanks, Diana.  I am adding both to liability accounts.  So I appreciate your 
confirmation of that for accounting purposes .  My community has asked for 
guidelines on spending unrestricted ones.  Beyond someone coming up with a 
proposal, for example. 

Lyn

-----Original Message-----
From: Cohousing-L <cohousing-l-bounces+lynpeachtree=hotmail.com [at] 
cohousing.org> On Behalf Of Diana Carroll
Sent: Tuesday, December 29, 2020 11:12 AM
To: Cohousing-L <cohousing-l [at] cohousing.org>
Subject: Re: [C-L]_ Cash gifts to community?

Are you looking for technical accounting advice or policy advice? From a 
technical perspective, it depends on how you have your books set up. If I were 
implementing this, I would create two long term liability accounts (with 
appropriate names like "restricted use fund" and "unrestricted use fund". When 
depositing the checks, assign to the appropriate liability account. (This is 
how we have our reserve funds set up.)

Can't offer anything with regard to how to policies.

Diana

On Tue, Dec 29, 2020 at 12:17 PM Lyn Deardorff <lynpeachtree [at] outlook.com>
wrote:

> Hello all,
> Wondering how you all have handled accounting and guidelines for using 
> cash gifts to the community.  We have received two significant ones in 
> the last two years - one restricted and one unrestricted.  We would 
> like to establish guidelines for use for this one and future unrestricted 
> gifts.
> Isn't this a nice problem to have?  Please send any suggestions, past 
> or best practices you have.
>
> Thanks!  And Happy New Year!
> Lyn Deardorff
> Sand River Co-Housing
> Santa Fe, New Mexico
> lynpeachtree [at] hotmail.com
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