Replacement Reserves: Taking the Worry Out of your Community’s Financial Future (Lyons Witten)

Presented by Lyons Witten

Session Description

A real-life DIY cohousing Replacement Reserves (RR) Spreadsheet will be used to explain the benefits of Replacement Reserves, how to manage the multitude of potential items needing replacement (someday), how Replacement Reserves are funded, what big-ticket items cannot be included in Replacement Reserves and how to manage those expenses. Those who do not have such a spreadsheet can use this example to set up their own. This is a “living DIY model” that should be reviewed each year by the Finance team/committee. Having said that, and shown how to use the “living model”, it may be that some/most communities would want to hire a consultant to help them fill in the categories, costs, and life-expectancy of each item in the RR model. This session will provide insight for either way the DIY RR model is used.

About the Presenter

Lyons Witten, 20-year resident, chairman of the Buildings Grounds Circle and a member of the Finance Circle of Pioneer Valley Cohousing (Amherst, MA), will present useful information on how to keeping your community running smoothly. From fascinating meal sign-up sheets to complicated replacement reserve spreadsheets, he has helped run a tight ship through the quagmire of cohousing!