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5/17/2016 7:04:10 AM
 
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Section 5: OPA Board Subject: Tax Status Msg# 949797
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joe, all you say is true, but my post was a response to a comment by tom j as to why the public is admitted to our amenities. when I get a chance i'll research it, I think the section is 501 c3. if I recall, the c3 and c4 sections are the ones used by many political organizations.
steve lind |
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For reference, the above message is a reply to a message where: p.s. - open to the public is required by our non-profit tax status, which uses a term something like 'provides a benefit to the surrounding community'. that's written in stone, or even worse . . . it's written in the irs tax code. Steve, you might be correct but it is not necessarily a simplistic issue. A non-profit can make a profit on some specific thing and still maintain non-profit status -- the IRS did not challenge our non-profit status, they only said that the Beach Club parking profit was taxable. Also note that a chunk of Beach Club parking income was later assigned to Aquatics, thus legitimately reducing profit on parking. Also note that the IRS has never mentioned any issue other than Beach Club parking. One issue there was all profit and hardly any costs or capital improvements If you look at any other business amenity, you need to look at actual bottom line numbers, not just the operational numbers from OPA. For example, it will be a cold day in hell before our golf course makes any possible taxable profit; ditto for the YC; etc. Reason is the capital costs associated with those business amenities will far exceed any operational "profits." It is not a simplistic issue and I'd want to speak with a good tax attorney with expertise in HOA/IRS issues before making any decision. |
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