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Need to Know About Reserve Funds
When it comes to finances, homeowners' associations (HOA) operate like any other corporation or business. HOAs have different accounts set up to pay for different things. A checking account to pay for everyday expenses, and separate savings and investment accounts set aside for future repairs and improvements. While appropriately funded spending and savings accounts are crucial to a well-run association, the savings part of the equation can often get ignored. Some studies estimate that nearly 70% of HOAs in the United States are underfunded and lack the proper savings to pay for major projects or repairs.
10 COMMON BENEFITS - of Dashboard Reports
Dashboards are not meant to be a substitute for all of the information available to boards, but rather are designed as high-level overviews that combine an array of key indicators on a single page or on sets of pages. This allows them to fit naturally in board books as cover sheets that may appear on top of more detailed reports or online as a toplevel link in an increasingly detailed nest of links, thereby permitting the user to drill down to greater levels of detail as needed. Just as with any logistical or navigational tool, dashboards can help the time-constrained board member employ his or her time more efficiently by using highlighted items in the dashboard as prompts to seek more detailed information residing beneath.
After the Mortgage is Paid Off: Changes to the Governing Documents
When HUD is no longer involved, there are two schools of thought as to whether the governing documents should be amended. There is the ADo Nothing School.@ The rationale given is that by operation of law, the obsolete references in the articles and bylaws are void; thus, it is unnecessary to amend them.
Balance Sheet Ratios and Analysis for Cooperatives
The difference between total current assets and total current liabilities. It indicates the extent to which short-term debt is exceeded by short term assets.
4 benefits of well funded reserves
Managing an association finances and creating budgets that allow a community to preserve market values are key responsibilities for the board of directors, it is essential that a board budget for future repair or replacement of major components in a community reserve fund.
Characteristics of Financially Healthy Nonprofits
Every director and board member of a nonprofit would like to have a large endowment, reserve cash in the bank, and a surplus at the end of every year. Unfortunately, most of us know that this might be a dream instead of reality. Without these tangible signs of financial strength, how can you know if your organization is financially healthy?
Base Capital Financing of Cooperatives
Cooperatively owned and operated businesses face the constant challenge of obtaining sufficient equity capital to properly finance their organizations.
Current Trends in Cooperative Finance
In recent years three important trends have become apparent among grain marketing and farm supply cooperatives. These farmer owned firms have been rapidly investing in infrastructure, reformulating profit distribution and equity strategies, and have pursued consolidation with other cooperatives. This manuscript explores the factors contributing to those trends, the implications for cooperatives leaders, and the impacts on farmer members
personal expenditure policy
When undertaking business on behalf of the co-op, for example training or meetings with external bodies outside of the co-op buildings, members of the coop or members of staff are permitted the following personal expenditure as long as receipts must be provided in all cases:
A toolkit for financial advisers and decision-makers
Accounts for businesses of all kinds, including co-operatives, charities and other non-profit organisations (collectively known as reporting entities) need to follow the requirements of the new financial reporting framework for accounting periods beginning 1 January 2015 (1 January 2016 for small entities1). For unquoted entities2 which are not subsidiaries of quoted entities, this means Financial Reporting Standard 102 (FRS102).3 Small entities may adopt the disclosure exemptions in Section 1A of FRS102 (FRS102 1A).4 As an alternative to FRS102, micro-entities registered at Companies House may adopt Financial Reporting Standard 105 (FRS105)5.
FINANCE COMMITTEE FUNDAMENTALS
Does your organization have one finance committee that carries out all of the duties associated with financial oversight? Or do you have separate finance, audit, and investment committees? BoardSource recommends that organizations that conduct an independent audit have a separate audit committee or task force for added accountability. Separate investment committees are needed when an organization accumulates sizable reserves, manages an important planned giving program, or has an endowment that requires special attention. A board that is able to separate its various financial tasks among individual committees or task forces often is in a better position to focus on key duties for each.
Financial Literacy for Nonprofit Boards
Nonprofit boards need up-to-date financial information to make informed decisions. But not every board member arrives with a deep appreciation for, or even a passing familiarity with, financial reports. Help your board increase its financial literacy by reducing the mystery of nonprofit budgets, financial reports, and audits.
financial standing orders
The objective of this policy is to lay out various standing orders in relation to the finances of the organisation, particularly having regard for the need to ensure that the co-op’s finances are administered with a high standard of probity and conduct.
On creating simple, accessible budgets for small coops
Sometimes your coop may not need a complex budget, and your members may find a smaller simpler budget is easier to explain to the membership, and easier to maintain. In particular, some coops might have a layer of budgeting that is specific to the “house”, including utility bills and food purchases, and then a second layer for the “coop”, including lease/mortgage payments, taxes, and other official items.