Cohousing-L Mailing List: Re: Early Bank Account Types for Explorer Membership Dues and Professional Fees

[Lyn Deardorff (lynpeachtree]

Can you clarify why not Homeowners Association?

Thanks!
Lyn Deardorff
Sand River Co-Housing
Santa Fe NM

-----Original Message-----
From: Cohousing-L <cohousing-l-bounces+lynpeachtree=hotmail.com [at] 
cohousing.org> On Behalf Of Diana Carroll
Sent: Wednesday, February 24, 2021 5:57 PM
To: Cohousing-L <cohousing-l [at] cohousing.org>
Subject: Re: [C-L]_ Early Bank Account Types for Explorer Membership Dues and 
Professional Fees

Whatever you do, don't choose homeowner's association!

We (Mosaic Commons, and by we I mean me as the bookkeeper/treasurer) had 
nothing but sorrow that resulted anytime there was any confusion between the 
developer organization that built the homes (which is, I understand, where you 
are at now), and the homeowners association that will eventually take over 
management from the developer. These two organizations might overlap in 
membership 100% but they are totally different legally, and just trust me, you 
will bring yourself nothing but pain if you mingle their finances in any way.

(I can't tell you what to choose instead. I started with Mosaic shortly after 
the LLC formed. I can just steer you away from one bad choice. :) )

Diana



On Wed, Feb 24, 2021 at 6:16 PM Pare Gerou <paregerou [at] gmail.com> wrote:

> Thank you Mark,
>
> When you got the EIN before becoming an LLC, did you classify your 
> group as a "Community or Volunteer" organization?  A Homeowner/Condo 
> Association?  A Nonprofit Tax Exempt organization?  There are many 
> other options (club....).  Do you remember what you chose and whether 
> it became a problem in any way?
>
> Pare Gerou
> Greek Village Cohousing
>
> On Wed, Feb 24, 2021 at 9:47 AM Mark Owkes <mark.owkes [at] gmail.com> wrote:
>
> > Hi Pare,
> >
> > Congrats on getting your group started!
> >
> > My group opened a bank account before forming an LLC.  We got an EIN 
> > number from the IRS and that was all we needed to open the account.  
> > Running all the money through the cohousing bank account made
> the
> > finances very clear.
> >
> > Mark
> > Bozeman Cohousing
> > On Feb 24, 2021, 7:03 AM -0700, Fred-List manager 
> ><fholson [at] cohousing.org ,
> > wrote:
> > > Pare Gerou <paregerou [at] gmail.com>
> > > is the author of the message below. It was posted by Fred, the 
> > > Cohousing-L list manager <fholson [at] cohousing.org> due to a format 
> > > problem.
> > > ------------------- FORWARDED MESSAGE FOLLOWS --------------------
> > >
> > > Hello Everyone,
> > >
> > > Greek Village Cohousing has been at it now for 4 short months and 
> > > the interest is strong. I am collecting my first explorer dues, 
> > > and several more have requested explorer status this week. We are not yet 
> > > an LLC.
> How
> > > did you bank the explorer dues, and group collections for use of 
> > > professionals, at the beginning of formation? I want to ensure I 
> > > am handling money responsibly and am perceived as doing so. I also 
> > > need to navigate personal liability when collecting money.
> > >
> > > Pare Gerou
> > > Greek Village Cohousing
> > >
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