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 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, 2018 this fund had a balance of $131,895.
SCRL Financial Statements
SCRL operates on the same fiscal year as the University. Fiscal Year 22 is from September 1, 2021 through August 31, 2022. The link below connects to detailed budget and expenditure information.
Expenditures and Budget for FY21 and Budget for FY22
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 the account on April 30, 2015 was $32,109.
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 set by the University. But SCRL has participated in the committees that periodically review and recommend the ground rent. The most recent recommendations to the provost were accepted in June, 2021. A copy of that report, prior reports, and “The ABCs of Ground Rent,” a presentation by Whitney McNair, Director of Faculty Staff Housing, are below.
2016 Ground Rent Task Force report
2012 Ground Rent Task Force report
Below is a copy of the FY21 Ground Rent Task Force Report and an informative PowerPoint presentation, The ABCs of Ground Rent. The FY21 Ground Rent Task Force Report was signed by the Task Force Chairman on June 14 and was sent by email to the Provost on that day. The Provost approved the Report on June 15. The ABCs of Ground Rent is a presentation by Faculty Staff Housing Director Whitney McNair to the Ground Rent Task Force on May 3, 2021.