The EBHC maintains several bank and investment accounts to serve it's various needs. The location of the accounts and the number of accounts are based upon current market/interest activity and well as various social screenings. Because the account locations change, check in the office for the most up-to-date location list.

  • General Checking Account Each month money is paid to the EBHC by its Members and the Housing Authority. This money is put into the General Checking Account. Each month the Office Manager pays out the bills which the EBHC owes from this checking account. All request for money must come from Committee Coordinators and will be deducted from the appropriate committee budget. All fines (rotating work, late carrying charges) will be deposited to the "Energy Fund" and will be used as designated by the General Membership.
  • Operating Reserve Account Each year an amount of money between 2-3% of the annual income that comes in from carrying charges gets deposited in this account on a monthly or quarterly basis. This money is set aside to cover the need for extra cash in the event of a disaster, or an un-budgeted, unexpected, and unforeseen expense. Deposits do not need to be made once this fund reaches 25% of the total annual income for EBHC. If it drops below 25%, deposits resume bringing the balance back up.
  • Vacancy Reserve Account This is a part of the Operating Reserve, and is to be used to pay out membership fees (deposits) in the event of a disaster, or an un-budgeted, unexpected, and unforeseen expense.
  • Tax & Insurance Reserve Account Each year the EBHC insurance bill (fire/liability) is due in January. Based upon the bill from the previous year an amount is deposited into this account on a monthly or quarterly basis to pay the next years bill. Every year the amount is adjusted to reflect the most current insurance policies. The EBHC property tax is no longer paid out of this account. The tax bill is received in November and is paid from the General Checking Account. It can be paid in full or split into thirds, depending on the amount of the bill.
  • Replacement Reserve Account In order to have money to pay for appliances, mechanical systems, or major repairs, NCB required the EBHC to put aside an amount of money each year in to this account. This money is to be used to replace roofs, plumbing, stoves, refrigerators, heaters, etc. A minimum of 4.5% of the annual income should be deposited on a monthly or quarterly basis.