As community associations hold their annual meetings, boards should be reminded that for most associations, owners do NOT need to approve the treasurer’s report or annual budget. The majority of association Bylaws provide an outline for the annual meeting agenda, which includes approval of last year’s annual meeting minutes...
Financial
Published
New Law Makes Changes to FHA Condominium Approval Process
Unless a condominium association is certified by FHA, lenders may not offer borrowers FHA-insured mortgages. In 2009, FHA implemented a number of changes to the agency’s condominium approval requirements. As a result, the number of FHA-approved condominium associations has plummeted. In July 2016, President Obama signed into law H.R....
Published
Tax Facts
In case your board is unaware, virtually all community associations must file a federal income tax return. Associations must file or request an extension on or before March 15. As you prepare to file the association’s 2015 tax return, the board should discuss the filing options with the association’s...
Published
Condominium and Homeowner Federal Tax Returns again Due
Tax season is here once again! As nonprofit corporations, every community association in Ohio is required to file an annual tax return with the Internal Revenue Service. However, associations have the ability to choose between the filing of two different tax forms – Form 1120 or Form 1120-H. Form...