Ted,

You are correct.  It has been an issue since 2001.  Following is a post I made in June 2006.  It was easy for me to find this one, but I've made similar posts before and after.

If you have a copy of the Audited Financial Report for the year ended April 30, 2001 you will find the following on page 11, “Notes to Financial Statements”, Note 6 Income Taxes: “The Association is exempt from Federal and State income tax under Section 501(c)(4) of the Internal Revenue Code. However, income from certain activities not directly related to the Association’s tax exempt purpose is subject to taxation as unrelated business income. The underlining is mine to emphasize that this very same note is in the Audited Financial Reports 2002 thru 2005, however, the underlined portion of the statement has mysteriously disappeared. As least as far back as 2001 Trice Geary recognized the tax liability for the Beach Parking.