Missouri - EIN

Started by NancyT4 • 7 replies • 1769 views

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NancyT4 (Missouri)
Posts: 2

Posted:

Hello! I am a board member of a newly created homeowners assoc. in Missouri. We have submitted our "Articles of Incorporation of a Nonprofit Corporation" to the Secretary of State. I was asked by our Chair to look into getting a tax ID number for our nonprofit status. Is this needed since we are neither buying nor selling anything nor do we employ anyone.

Thank you for your help!

SusanW1 (Michigan)
Posts: 5,202

Posted:

Doesn't matter.
You need an EIN to file the application for incorporation.
And probably for opening a bank account.
(It's like your corporation's social security number0

SusanW1 (Michigan)
Posts: 5,202

Posted:

Oops - did you mean the State Sales Tax Exemption?

Here in MI, I don't even think you need one. You just show your non profit IRS designation letter.
Other states have an ST-5 form.

Be sure that the board understands what taxes you are exempt from.

BrianB (California)
Posts: 2,820

Posted:

You have a most interesting HOA, if you are not buying or selling anything, and are not employing anyone. I thought my former HOA was pretty minimalist, but even we bought water for irrigation, electricity for streetlights, and the occasional stamp, envelopes, copy paper, disks, mailing labels, etc., along with sprinkler head replacements, paint and some garden rakes.

we also employed a landscaper, as well as a person once per year to certify our water line wasn't backflowing into the city's line, as required by law in Tempe.

What exactly does your HOA exist to do?

NancyT4 (Missouri)
Posts: 2

Posted:

@BrianB, yes we are pretty unique in that we formed the association solely for the purchase and maintenance of our lagoon. All maintenance (lawn mowing around lagoon, collection of water samples, etc) of the lagoon are being performed by members.

JanetB2 (Colorado)
Posts: 4,219

Posted:

Hi Nancy ... be sure to consider down the road you may not have members willing to do the labor. Therefore, consider having some money set aside to cover the costs. Also, if you have a "lagoon" do you not have insurance in case something happens? If there is ever an injury or lawsuit you will be glad you had insurance.

MaryA1 (Arizona)
Posts: 7,043

Posted:

Nancy,

One of the most important reason for having a tax ID number is for filing your federal and state (if you state has income tax)income tax returns.

Have your CCRs been recorded with the Co. Recorder? In most states all of this is accomplished by the declarant and oftentimes before the first house is sold. However, some states seem to be lax on making these requirements of builders and oftentimes it creates many problems for the members of the assn.'

Good luck with everything!

GlenL (Ohio)
Posts: 5,491

Posted:

Nancy here is a url to the IRS to obtain a EIN:http://www.irs.gov/businesses/small/article/0,,id=98350,00.html

There is a link there to the individual States. You will need the FED EIN to file taxes, even if there is nothing to declare; not to mention opening a bank account for the HOA. You really should check with an attorney or a CPA into just what you need.

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