Cohousing-L Mailing List: Re: Budget Surplus

[Sharon Villines (sharon]

> On Aug 23, 2024, at 9:20 PM, Main Email <zabaldo [at] earthlink.net> wrote:
> 
> Here at Takoma Village in Washington DC I believe all of our unspent funds 
> for the year whether from the annual budget or someplace else is swept into 
> our reserves. 
> 
> At some point in time, our condo laws allow us to take a part of the reserves 
> and distribute to the membership or the unit owners. I think it has to be 
> when the reserve balance far exceeds the need of the condo for its purposes.

Ann is right — we have always put it in the Reserves. But in our newly revised 
bylaws (not yet approved) we have a choice of sweeping into Reserves, rolling 
over to the next operating budget, or refunding to Owners. 

The thinking was that during another pandemic or recession, a refund might be 
helpful to some owners, even if only $500.

I’m sure I’ve said this before but it is actually very hard to spend money. We 
budget well, but it’s hard to find the right rug or get a whole painting job 
bid out in time to do the job and spend the money.

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