7.  DISBURSEMENT OF FUNDS

a.  BHRSO’s responsibilities for the building, its operations and some miscellaneous expenses as defined in the Lease Agreement are co-ordinated by the BHCC Office Staff, the Board and BHRSO. Processes are set up to identify needs, manage contracts and arrange payment by BHRSO.

b.  Improvement/Enhancement costs are defined each year through the BHCC Project Identification and Budget Process. These projects are administered by the BHCC Board and processed by BHCC office staff.

Note:  If the Capital Reserve Fund monies collected are not spent within the financial year as per the agreed Budget, excess funds will be carried over to the next fiscal year. The Board will advise the residents on an annual basis of the usage of the monies from the Capital Reserve Fund. 

c.  BHCC Operating Expenses

Operating expenses are approved by the BHCC Board of Directors and processed by the BHCC Office Staff. The policy of the Board is to maintain a reserve of $5,000 for emergency purposes. The Board allocates funds over the $5,000 reserve to operating expenses, miscellaneous items, and projects as determined by the Board. These accumulated funds are to be used for the benefit of the current residents and not held for long term future expenses that do not necessarily benefit the current residents.