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Posts tagged "Homeowners Associations"

Limitation on Notice of Delinquent Assessments in HOAs (4 of 4)

Limitation on Notices of Delinquent Assessments in HOAs was imposed by the court in In re Guajardo (Bankr ND Cal, Mar. 11, 2016, No. 1531452DM) 2016 Bankr LEXIS 769, *8. For the collection of deliquent assessment in HOAs, the general practice has been, and continues to be,  to record the Notice of Delinquent Assessment with the County Recorder for the specific amount due with a clause that provided the amount would be increased to include all future unpaid assessements.

Indemnity Does Not Always Protect HOA Directors (3 of 4)

Indemnity for an HOA Director does not mean a Director can take actions or fail to take actions without incurring liability.  To avoid liability a Director must act in accordance with the "business judgment rule" and with diligence.

Homeowners' Association as a Social Welfare Organization - IRS 501(c)(4)

Homeowners' Associations, as nonprofit corporations, generally meet the requirements to qualify as a tax-exempt Social Welfare Organization under Internal Revenue Code section 501(c)(4).  Other types of activities may also qualify under Section 501(c)(4), such as bringing about civic betterment or social improvements.

New Regulations for Homeowners' Associations & Other 501(c)(4) Organizations

Homeowners' Associations and other social welfare organization exempt under IRS section 501(c)(4) are subject new regulations.  As part of section 405 of the "Protecting Americans from Tax Hikes Act of 2015", enacted December 18, 2015, certain provisions affect social welfare organizations described in section 501(c)(4) that are established after December 18, 2015 and certain organizations existing on that date.  

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The Loftin Firm, P.C.
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