There are three different financial funds that relate to SCRL. The first is the fund for Operations that is used to operate SCRL – pay staff, do mailings, hold meetings, etc. The second is a fund that is accumulated for Special Projects, such as creating parks. The third is the ground rent paid by leaseholders. Each of these is discussed briefly below.
As indicated, these funds are those used to pay the expenses for operating SCRL. They include salaries, the costs of meetings such as the annual meeting, printing and mailing expenses, and emergency supplies. A detailed listing for the current year and for last year is given using the links shown below. Also shown are the annual budgets approved by the SCRL Board.
Until recently, the funding of SCRL was provided from University General funds. Based upon a decision by the Provost it was changed and now half the operating cost is provided by Ground Rent (see below) and the other half from University General funds. Unspent funds are carried over from year to year. As of August 31, 2012 this fund had a balance of $95,309.
SCRL operates on the same fiscal year as the University. Fiscal year 12 is from September 1, 2011 through August 31, 2012. The link below connects to detailed budget and expenditure information.
This fund was created several years ago to fund special projects in the campus residential area. Generally, $100,000 per year is included in the Ground Rent budget (see below) and put in this fund. It has primarily been used for parks. The balance in the account on August 31, 2012 was $147,480.
Recent projects include:
SCRL can decide on the projects, but must get University approval.
Ground Rent is the amount that is charged to leaseholders each month by the University. SCRL has no official control over ground rent – it is up to the University. But SCRL has participated in the committees that periodically review and recommend the ground rent. Charles Bonini, SCRL Treasurer, was the chair of the most recent Ground Rent Committee. A copy of the committee report was mailed to all leaseholders in the summer of 2009.
Amount of ground rent is based upon leaseholder’s lot size.
Basic idea is to allocate to the leaseholders the University costs associated with supporting the residential area. This includes maintenance of the common areas and the infrastructure and an allocation of the cost of police and fire.
As indicated above, an amount is included in ground rent for the Special Fund. This amount is $100,000 per year.
Also as indicated above, effective FY10, one-half of the operating cost for SCRL is to be taken from ground rent, with the other half supplied by the University.