[nychrisjohn]

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Is your HOA governed by Florida Statutes 720?

According to FS 720.303(2)(a), ARC meetings where a vote on approval or disapproval occurs must be accessible to owners, and notice of the ARC meeting must be provided. I vaguely recalled that Florida mandates ARC meetings to be open to owners.

[nychrisjohn]

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Based on a quick Google search, Colorado HOAs do need to file state tax returns as well. Again, check with an accountant for filing requirements and deadlines.

[nychrisjohn]

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Penalties are usually monetary. And you have to present all past returns or something like that. Best to have an accountant set the whole thing up for you. Much easier that way.

[nychrisjohn]

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If you’re talking about federal tax returns, then yes. All homeowners associations do need to file federal tax returns regardless of whether or not tax is actually owed. As an HOA, you can either file Form 1120 (which is the form for corporations) or Form 1120-H (which is the form that the IRS specifically designed for HOAs). I’d go with Form 1120-H if I were you because it’s much simpler and has more benefits. But there are some requirements you have to meet first. On the top of my head I can’t think of the requirements but you can visit the IRS website to check for yourself. Good luck!

[nychrisjohn]

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Do you really need those improvements right now? If not, best to delay. Prices aren’t exactly ideal currently.

[nychrisjohn]

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That’s certainly a good problem to have. Our HOA’s reserve fund is not fully funded (in fact, it is well below the 70% rule of thumb), so I envy you. That being said, as a former board member, I feel it best to keep funding the reserve fund at the rate you are going. You can never have too much money in your reserve fund, as I always say, because it will surely help you in a future unanticipated event. Plus, costs are rising (and don’t seem to be slowing down), so your over 100% funding may be just 90% in the future when inflation catches up.

[nychrisjohn]

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Its true that board members are afforded a level of protection against liability claims because of the business judgement rule. But if you feel that the board committed a crime, you might be able to find a local district attorney who can porsecute. Its still likely though that a judge wont impose a severe penalty.

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