by Mary Bartlein
(Sarasota, FL)
Should funding a Major Repair Fund be included as an expense line item in the budget? In other words, we have a separate savings account for major building repairs that we fund monthly by transferring money from the regular operating checking account to the fund. If we have a major repair (new A/C unit, new roof, etc) we pay for it out of the fund, which is an MMI.
We have an ongoing debate whether or not the monthly funding should be a line item on the budget P&L. All we're doing is "sweeping" money into the fund for future use. If we do have a major repair it should be considered a Capital Improvement. So, it seems that it doesn't make sense to make it an expense line item in the budget.
Thanks for any light you can shed on this.
Comments for Should funding a repair fund be included as a line item in the budget?
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