Financial Information

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.

Funds for Operation

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 for SCRL was provided from University General funds.  Based upon a decision by the Provost, this was changed for the current year (FY10, September 2009 to August 2010).  Now one half of the operating cost is provided from Ground Rent (see below) and the other half from University General funds.  Unspent funds can be carried over from year to year.  Currently (as of August 31, 2009) this fund has a balance of $ 65,693.

SCRL Financial Statements

SCRL operated on the same fiscal year as the University.  For example, Fiscal Year 09 (FY09) is from September 1, 2008 through August 31, 2009.  The links below connect to detailed budget and expenditures for the year FY08, FY09 and the board-approved budget for FY10.

Special Fund

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 this account on August 31, 2008 was $ 461,412.

Recent projects include:

  • Pathways reconstruction $ 508,228
  • Frenchman’s Park  $300,000
  • Curb cuts (making sidewalks handicap accessible) – about $100,000

SCRL can decide on the projects, but must get University approval.

Ground Rent

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 has been $100,000 per year, but is to be reduced somewhat for the next two years.

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.