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3/14/2016 12:25:21 PM
 
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Section 4: General Subject: Parks & Recs Cost Msg# 943930
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Not so. The IRS issue was that OPA did not allow non-members to buy beach club passes. Thus, IRS wanted OPA top pay taxes on the profits. What other OPA amenities or facilities are even making $1 profit after adjustment for cost of depreciation? Joe
Hi Joe, That was when we got in trouble with the IRS over the parking, and some BoD members got into a big panic over it. I remember that BoD meeting very well. I recall that you were there also. They were so afraid of the IRS that they decided to open up all our amenities to the public. That was not at all necessary. It was ONLY about the Beach Club parking, and as I recall it was because the Beach Club is not on property that is contiguous to Ocean Pines. They decided to open the parking pass purchases to those who are not property owners ONLY after all the owners had plenty of time to get down to OP and pay for their passes, which makes good sense and would satisfy what the IRS wanted. That kept us from being completely PRIVATE. Some of them were so afraid of the IRS, that they convinced the others to open everything up to the public. I recall that as being one of the most ridiculous discussion by a BoD that I have ever heard. How do you remember it? Nancy |
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For reference, the above message is a reply to a message where: In fact I think our charging outsiders for our amenities may even be the problem Not so. The IRS issue was that OPA did not allow non-members to buy beach club passes. Thus, IRS wanted OPA top pay taxes on the profits. What other OPA amenities or facilities are even making $1 profit after adjustment for cost of depreciation? |
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Board Budget Meeting - Board Room
1/8/2025 - 9:00 A.M. |
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Special Board Meeting - Board Room
1/8/2025 - 2:00 P.M. |
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OPA Board Meeting - Golf Clubhouse
1/25/2025 - 9: A.M. |
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OPA Board Meeting - Golf Clubhouse
2/22/2025 - 9:00 A.M. |
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OPA Board Meeting - Golf Clubhouse
3/29/2025 - 9:00 A.M. |