East Shore Building Reserve

May 3, 2024 | Beacon, News

I am very pleased to report that thanks to some generous donors, the new Building Reserve Fund now has $136,000 of the initial $160,000 goal!!!

For anyone who has lived in an Home Owners Association (HOA), you will recognize the purpose of reserve funds. This is a way to accumulate funds for major repairs and replacements over time. This is a fairer way to plan for these expenses, rather than a series of special fundraisers when the roof needs to be replaced or the heater has died. We are all using the facilities so the overall replacement cost is spread over all of us, rather than just the folks who happen to be around when the repair is needed.

We are working on a 20 year plan so we can find the best number for future annual deposits that will allow for both growth of the fund along with handling the expenses when they arise. This initial amount is to get the fund underway.

Having this fund will also help reduce and eventually eliminate the need to tap into endowment funds as was necessary last year when one of the sanctuary beams was found to be rotted. That was a $45,000 cost and we had no other choice but to draw from endowment.

We are hoping to achieve the additional $24,000 to be able to reach our goal for 2024 in the near future. Checks made out to ESUC or East Shore Unitarian Church can be sent to the office, please note Building Reserve Fund on the memo line. If you plan to use RMD or Designated Charitable Trust funds, let Rebecca know so she can watch for the checks. These frequently don’t have a note indicating their purpose.

Thank you to everyone who has donated so far and thanks in advance to our future donors. (PS – it would be amazing to actually exceed our goal!)

by Geri Kennedy, Treasurer