by Lawrence Szabo, Esq. | Nov 1, 2014 | Finances
Homeowners associations are frequently confronted with a bankruptcy filing by a homeowner. A bankruptcy filing by a homeowner can have a significant impact on the homeowners association and it is vital that the association’s directors and managers understand how...
by Lawrence Szabo, Esq. | Oct 27, 2014 | Finances
Associations are responsible for the repair, replacement and maintenance of the common areas. An association’s governing documents may also have provisions that require the association to maintain various separate-interest components. In addition to the normal...
by Lawrence Szabo, Esq. | Mar 11, 2014 | Finances
Economic conditions over the last several years have left many HOAs short on capital needed for such items as necessary repairs, upgrades and improvements. With proper documentation HOAs can obtain bank financing for these items. Loans to HOAs do not typically...
by Lawrence Szabo, Esq. | Feb 11, 2014 | Finances
An IRS Form 1120-H is the tax filing form used by homeowners associations that want to take advantage of certain tax benefits that allow the association to exclude “exempt function income” from the association’s gross income. Exempt function income...
by Lawrence Szabo, Esq. | Feb 9, 2014 | Finances, Managing Agent
An IRS Form 1120-H is the tax filing form used by homeowners associations that want to take advantage of certain tax benefits that allow the association to exclude “exempt function income” from the association’s gross income. Exempt function income...
by Lawrence Szabo, Esq. | Jan 9, 2014 | Finances
A 2013 study by Association Reserve’s Inc., a industry leader in homeowner association reserve studies, has determined that over 70% of homeowners associations are under 70% funded. The findings are based on an analysis of more than 30,000 reserve studies...
