fundraising events

Started by JeanI • 4 replies • 2627 views

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JeanI
Posts: 112

Posted:

In order to avoid raising dues or imposing assessments, our HOA is engaging in some fundraising efforts such as bingo parties, raffles, sports pools, etc. Are there any pitfalls we should be aware of in engaging in these activities?

GlenL
Posts: 5,429

Posted:

Yes, its called gambling and unless you have the proper licenses you can be arrested, go to jail, be fined etc.

SteveM9
Posts: 3,688

Posted:

Quote:

Posted By GlenL on 03/07/2011 2:00 PM
Yes, its called gambling and unless you have the proper licenses you can be arrested, go to jail, be fined etc.

Ummm... every state is different. Some states don't have licenses for the activities above.

DonnaS
Posts: 5,596

Posted:

Non Profits need a special tax code to do fundraising.

TimB4
Posts: 20,986

Posted:

Jean,

Typically any income received outside of assessments are taxable.

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