Cohousing-L Mailing List: Re: Getting New Members to Make a Commitment

[Mac Thomson (mac]

> --------------------  FORWARDED MESSAGE FOLLOWS --------------------
> "Mac Thomson" <mac [at] heartwoodcohousing.com> 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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