Question:
Is there a maximum amount of funds we can keep in our reserve account before we lose our non-profit status?
– Dianne
Answer:
Hi Dianne,
There is generally no limit to your reserve account. That said, while homeowners associations are usually incorporated as nonprofits, that does not mean they don’t pay taxes. HOAs are still required to pay taxes and file tax returns, unless they fall under IRS exemptions.
Here is an article you may find helpful: https://www.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
