Funding: voluntary assessments
From: Joani Blank (joaniswansway.com)
Date: Wed, 6 Nov 2002 11:35:44 -0700 (MST)
At 10:13 PM 11/5/2002, you wrote:
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?

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.

4) How do other cohousing groups raise money for optional projects (i.e.
not replacement reserves)?

Same answer to all three questions. It's called a voluntary assessment. If you raise money from people other than the owners, it is considered a gift to the association. And once the association has the gift money they/you can do anything (legal) that you want to with it. It would be the same with money the association got from a legal settlement.

Joani Blank
Swan's Market Cohousing
Oakland, CA




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