Re: Getting New Members to Make a Commitment
From: MikeAngelastro (MikeAngelastrocomcast.net)
Date: Tue, 3 Oct 2006 11:12:57 -0700 (PDT)
So you removed the requirement once you became an HOA?

-------------- Original message -------------- 
From: "Mac Thomson" <mac [at] heartwoodcohousing.com> 

> > -------------------- FORWARDED MESSAGE FOLLOWS -------------------- 
> > "Mac Thomson" wrote: 
> > 
> >> We are a 24 unit community that moved in in 2000. We had various 
> >> incentives in place that I think were VERY effective. 
> > ... 
> > 
> >> BTW, we required a $6000 nonrefundable deposit to become a member. 
> > .... 
> > 
> > How is the $6000 nonrefundable deposit disposed of and what is the tax 
> > effect on the HOA? 
> 
> We made every effort not to dispose of any money. :-) Finding ways 
> to spend it was no problem. 
> 
> We were not an HOA at the time. We were a sub-S development 
> corporation, but there were no unique tax consequences. Overall, 
> there were no taxable profits made by our development corp which 
> eventually dissolved / evolved into our HOA. 
> 
> Cheers, 
> Mac 
> 
> -- 
> Mac Thomson 
> 
> Heartwood Cohousing 
> Southwest Colorado 
> http://www.heartwoodcohousing.com 
> 
> 
> "Tae be yersel and tae mak that worth bein 
> Nae harder job tae mortals has been gien." 
> -Hugh MacDiarmid (Scotland) 
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