![]() According to the Internal Revenue Service (IRS), tax-exempt status is only given to religious organizations. If you want to make charitable donations, the HOA can collect additional funds for that.Įven though associations are non-profits, they are not charitable organizations. The board cannot use it to donate to charitable organizations. Money collected from homeowners should only be spent on running the HOA. Likewise, the association cannot use assessment dues for non-HOA matters. They are still required to settle their dues on time. Thus, homeowners cannot substitute voluntary labor for their HOA fees. ![]() HOA donations are entirely separate from assessment dues. Otherwise, it may be better for homeowners to host their own fundraisers and just donate the profits to the HOA. If your community has insurance to cover potential liabilities, you can be more confident about hosting fundraisers. They also most likely have a license to serve alcohol on their premises. For instance, golf course communities already have amenities or facilities that are open to visitors. If you belong to a large HOA, though, fundraisers may be more feasible. The HOA board should also be transparent about how, when, and where the monetary donations will be spent. And those that do will not receive any special treatment or status. They do not have to attend or donate money.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |