Differences

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--- board_handbook:budget [2025/05/19 18:58] – First version awhetter
+++ board_handbook:budget [2025/05/22 01:29] (current) – Move note about vanacy losses to appropriate line item awhetter
@@ Line 47: / Line 47: @@
   * Next year: The budget for next year. We can compare this with the "this year" column to identify changes in charges.
-Note that losses due to vacancies (a unit being empty for a month and therefore there being no rent charge for that unit that month) are tracked as losses in the budgets to make them more visible. We aim to have less than $15,000 of vacancy losses in a year.
+==== Line Items ====
+This section describes what each line in the CLT and COHO budgets are for.
+=== CLT ===
+  * Rent: This is the rent that we pay to the CLT. The number on this line should match the "Current Surplus(Deficit)" line in the COHO budget. When the numbers match, it means that we've set our various revenues (namely housing charges) appropriately to cover both the budgeted expenses that are noted in the rest of the COHO budget and our rent to CLT.
+  * Other income
+    * Interest income
+    * Miscellaneous revenue
+    * Laundry income
+    * Other Revenue
+  * Contract Services
+    * Cleaning/Janitorial
+    * Garbage/recycling
+    * Landscaping
+    * Elevator
+    * Pest control
+    * Security
+    * Snow removal
+    * Fire & safety
+  * Repairs and maintenance
+    * Tools/supplies: This is for recurring operational expenses, primarily made up of routine maintenance items such as LED lights, plugs, counter plates, taps, moisture meters, and dishwashers.
+    * General Maintenance: Includes some technician costs, and more unspecified costs (FIXME: what are these costs?).
+    * Maintenance - units
+    * Maintenance - exterior
+    * Maintenance - common areas
+    * R&M - Units - Painting: Covers the repainting of units after members move out.
+  * Utilities
+    * Hydro/Electricity
+    * Water/Sewage
+    * Gas/Neighbour energy utility: Covers the neighbourhood energy utility ([[https://vancouver.ca/home-property-development/southeast-false-creek-neighbourhood-energy-utility.aspx|NEU]]) billed from the City of Vancouver. This does not cover gas usage in the building, because there is no gas in the building (FIXME: Needs confirmation).
+  * Administrative Expenses
+    * Bank charges: These are primarily incurred due to the use of Electronic Funds Transfers (EFT) for vendor payments made from the operating account.
+    * Business licenses and permits
+    * Insurance - General Liabilities
+    * Office supplies
+    * Property taxes
+    * Telecommunications: Covers a range of services, such as internet, office phone, elevator phone line, fire connection phone, security internet, and enterphone line.
+    * Co-op Sustainability Fund
+  * Professional Services
+    * Legal
+    * Audit/accounting
+    * Management fees
+    * Professional fees
+    * Professional Services
+  * GST Expense
+=== COHO ===
+  * 4000 Housing Charges
+  * 4050 Vacancy Loss: Losses due to vacancies (a unit being empty for a month and therefore there being no rent charge for that unit that month) are tracked as losses in the budgets to make them more visible. We aim to have less than $15,000 of vacancy losses in a year.
+  * 4400 Parking Income
+  * 4450 Storage/Locker Income
+  * 4475 FOB - Non Refundable
+  * 4700-1 Interest Income
+  * 4875 QMC reimbursement for AW
+  * 4900 Miscellaneous Income
+  * Operating Expenses:
+    * 5700 Insurance
+    * 5900 GST Expense: CLT takes care of the Co-op’s GST expenses. Therefore we should expect to see no GST budget for the Co-op in COHO's budget. We might see expenses for the current year, but we expect CLT to be taking care of those (FIXME How?).
+  * Repairs and Maintenance Expenses: CLT takes care of the Co-op's repair and maintenance. Therefore we should expect to see no repair and maintenance expense or budget for the Co-op in COHO's budget.
+    * 6000-1-0 Repairs/Maintenance - Units - General
+    * 6000-3-0 Repairs/Maintenance - Common Areas - General
+  * Administration Expenses:
+    * 7000-1 Telephone/Fax
+    * 7100-0 Office Expenses - General
+    * 7100-1 Postage/Courier
+    * 7100-2 Print & Copying
+    * 7100-3 Office Supplies
+    * 7100-4 Credit Checks
+    * 7200 Legal Fees
+    * 7400 Audit
+    * 7500 Management Contract
+    * 7550 Bank Charges
+    * 7600 Education
+    * 7700 Membership Dues
+    * 7775 Travel/Meetings/Conferences
+  * Committee Expenses:
+    * 8000-01 Membership/Applications Committee
+    * 8000-07 Landscaping/Grounds Committee
+    * 8000-09 Other Committee Expenses