This new tread has some very informative posts.

WRT to the 501 (C)(4) status.  Someone mentioned  public access earlier.  The "public access" is one of the IRS' specific requirements for obtaining a 501(c)(4) status.  Areas such as roadways, park land, etc must be open to the general public (not just to HOA members).

In the course of my research I learned that 501 C4 organizations can chose from several tax filing methods.  

IRS provides HOAs with several options.  Each method has a strict reporting requirements for income (exempt or nonexempt) and related expenses. Most common are the "Exempt Method" and the "Corporate Method". A less common is to file as a "nonprofit corporation". This filing status has huge advantages but it is also more complex, harder to obtain and very difficult to change.

Does anyone know which method OPA uses?  Just wondering if the chosen method needs to be reviewed / reconsidered.   

Slobodan