Repair Funding Options
The following is a
general guide to aid in the identification of available
funding and support options to help non-profit providers manage
major capital repairs. Non-profit providers
are encouraged to check their operating agreement and
with their
Non-Profit Portfolio Manager
to identify any specifics relating to a major
repair for one of their developments.
Annual
Operating Budget
The existing ongoing maintenance section of the annual operating budget covers minor repairs under $5,000 for items that are not covered under the replacement reserve fund.
The existing ongoing maintenance section of the annual operating budget covers minor repairs under $5,000 for items that are not covered under the replacement reserve fund.
Replacement Reserve Fund
This fund is set up to cover the future replacement costs for items as they wear out. The standard replacement reserve items list outlines what repairs can be paid for out of the replacement reserve. In addition to the standard items, your operating agreement may provide for additional items.
This fund is set up to cover the future replacement costs for items as they wear out. The standard replacement reserve items list outlines what repairs can be paid for out of the replacement reserve. In addition to the standard items, your operating agreement may provide for additional items.
Modernization and Improvements Program
This program provides funding for capital repair projects over $5,000 that are NOT covered already by the replacement reserve fund. Funding is allocated annually and based on a priority ranking system. Talk to your local Non-profit Portfolio Manager if you are interested in applying.
This program provides funding for capital repair projects over $5,000 that are NOT covered already by the replacement reserve fund. Funding is allocated annually and based on a priority ranking system. Talk to your local Non-profit Portfolio Manager if you are interested in applying.