Looking at the community user for SO you can see there are a lot of votes. Surely some of those hit the rep cap etc etc. Is it possible that someone could calculate the community user's actual reputation?
Here on Meta, Community owns 2 questions (on moderator elections), https://meta.stackexchange.com/questions/111310/november-2011-community-moderator-election and https://meta.stackexchange.com/questions/134509/june-2012-community-moderator-election.
They're not community wiki, so Community "should" be earning reputation from them. (These two are its only rep-earning posts on the entire network.) As of this writing, the posts' scores are (+21 -1) and (+37 -1). Since
37 * 5 < 200, and the posts were months apart, Community did not hit the rep cap. Therefore, it earned
(21 + 37) * 5 - 2 * 2 = 286 reputation.
To calculate Community's overall deserved reputation, considering reputation it spent on downvotes, we must make some assumptions. Its voting record is:
50,847 up 16,368 question 6,595 down 41,074 answer
Assume that its fraction of downvotes (6595 / (6595 + 50847) ≈ 0.1148114619964486) is the same between its votes on questions and answers. Then it has given about (0.1148114619964486 * 41074 ≈ 4715.766) answer downvotes, each of which costs 1 reputation.
It also owns anonymous suggested edits. Suppose it has already had at least 500 approved suggestions. Reputation from suggested edits are capped at 1000.
Therefore, its estimated overall score is about
1 (initial reputation) + 286 (from upvoted posts) + 1000 (approved suggestions) - 4715.766 (spent downvoting)
Since its "real" reputation is negative, there's no surprise that its reputation shows up as the minimum (1).