HABITAT
Subscribe for Daily Updates!
can anyone provide some guidance on establishing a gift fund. Members of the board want to establish some sort of gift fund for shareholders. This came up when a board member lost a parent and the board wanted to buy flowers to send. The board members wanted to take the money out of the operating account. I was told this had been done in the past for several shareholders. However my understanding of the money in the operating account is that it is to be used for building operations. Also I was concerned that no written policy existed. Thanks in advance for any help!
Most buildings do use the operating fund.
maintaing building wide relations, quality of life issues and the like should be considered operating expences but you should speak to your accountant as how to classify them... just stay away from the gifted trips to the tropics and vegas!
~AR
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Once this begins, it could get out of hand. If the Board wants to send flowers, take up a collection.
Many of the SH probably dont even know who they are sending flowers to -- and if they did would take care of it themselves. A card from the Board, and inividual SH can do what they want
Our Board sent expensive flowers to our prev MangAgent for his new baby and charged it to the SH. However, the majority of SH could not stand this man, and he was (due to a SH petition) fired a few months later.
AliceT
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.