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Trustee's Fiscal Policies

The trustees, as managers of both HOA and CoHousing budgets, will follow these fiscal policies:

1. Each team is authorized to spend their budgeted allocations within their mandate without needing additional approval. Trustees should be notified in advance of any single expense over $500, and teams need to work with trustees on timing/cash flow if they anticipated spending over $1,000 in a given month.

2. The community will consense on all expenditures from either the HOA or CoHousing capital reserves [except as explicitly allowed by 2a. and 2b. below]. However, before going to the community HOA reserve requests should come to trustees for their recommendation. (CoHousing Reserve Requests will be handled first by Common Resources)

2a. Planned Reserve Spending, HOA - The trustees can authorize spending out of the HOA reserves up to the lesser of $10,000 or 10% of current reserves. Such spending must be on items outlined in the most recent reserve study conducted by the community. Whenever possible, the trustees will notify the community at least 3 days in advance of such expenditure. In any event, the trustees will notify the community within 30 days of each such expenditure, via email and/or a regular report at a General Meeting.

2b. Planned Reserve Spending, CoHousing - Common Resources can authorize spending out of the CoHousing reserves up to $2000. Such spending must be on items outlined in the CoHousing Reserve Plan. Whenever possible, Common Resources will notify the community at least 3 days in advance of such expenditure. In any event, Common Resources will notify the community within 30 days of each such expenditure, via email and/or a regular report at a General Meeting. Common Resources will also follow the notification requirements of fiscal policy 1 whenever such spending exceeds those thresholds.

3. With approval from both teams concerned, trustees can authorize transfer of miscellaneous or other unspent funds of up to $250 from a team’s budget to another team which has or foresees to overspend their budgeted amount. Any transfer above this amount requires community approval.

4. In February of each year the trustees will present to the community a balance of the previous year's accounts with recommendations on how to allocate any previous year’s unspent funds.



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