|RE: Funding projects?||<– Date –> <– Thread –>|
|From: Casey Morrigan (cjmorrpacbell.net)|
|Date: Tue, 5 Nov 2002 20:43:08 -0700 (MST)|
So, here are some additional questions we are hoping for responses to: >>1) If we assess members through the condo association for a capital improvement that we have agreed to, can we exempt any households that have agreed not to block but have stated that they cannot afford their "share?" 2) If we have a fundraiser to voluntarily fund a project, can we funnel that money into the condo association without tax consequences? Or is there a better method for collecting these funds?>> Do you have an accountant who works with your books? Ours has helped us with these related questions. For some categories of expenditures of an HOA, members have to be assessed equally. I'm fuzzy on the details. We maintain several non-HOA "pass-through" accounts, which are theoretically maintained for the purpose of funding a specific event or project (in our case we pay for social events, child care for meetings, and of course our meal accounts) and which are not considered to be taxable income. >>3) If we keep funds out of the condo association because of tax consequences, how should we deal with liability for contractor accidents and such? We heard through the grapevine that another cohousing group had this problem but we are very shy on the details.>> Rosewind posted about this within the last month. I suppose you need to clarify whether your HOA is commissioning the work (with money gifted to it?) or whether someone else (who?) will be signing the contract with a contractor. You can check with your contractor as to whether his or her liability and workers' comp coverage is current. >>4) How do other cohousing groups raise money for optional projects (i.e. not replacement reserves)?>> We haven't actually done this. Yet. Good luck Casey Morrigan Two Acre Wood Sebastopol, California _______________________________________________ Cohousing-L mailing list Cohousing-L [at] cohousing.org Unsubscribe and other info: http://www.communityforum.net/mailman/listinfo/cohousing-l
Results generated by Tiger Technologies Web hosting using MHonArc.