BrianG8 (North Carolina)
Posts: 1
Posts: 1
Posted:
In North Carolina, does the state allow or disallow HOA funds to be set aside specifically for road maintenance?
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funds reserved for road maintenance
Started by BrianG8 • 4 replies • 1538 views
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TimB4 (Tennessee)
Posts: 21,062
Posts: 21,062
Posted:
Brian,
Are you talking about what is the tax implication may be or something else.
If an Association has capital components, the Association should budget to have a Reserve fund to pay for expected maintenance, repair and replacement of those components. For more information on Reserve Funds see this thread.
Are you talking about what is the tax implication may be or something else.
If an Association has capital components, the Association should budget to have a Reserve fund to pay for expected maintenance, repair and replacement of those components. For more information on Reserve Funds see this thread.
SteveM9 (Massachusetts)
Posts: 3,699
Posts: 3,699
Posted:
The state doesn't care about your HOA. You can put your money in any account you want, and spend it on whatever you want.
JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Brian
Set aside reserve money can be broken down however infinite one wants to. X for road curbs, Y for road resurface, Z for pot hole repairs, etc. and it can be moved from X to Y, X to Z and it all could come under a line item such as ROAD WHATEVERS.
Hope this answers your question although I think there is "more" to your question.
Set aside reserve money can be broken down however infinite one wants to. X for road curbs, Y for road resurface, Z for pot hole repairs, etc. and it can be moved from X to Y, X to Z and it all could come under a line item such as ROAD WHATEVERS.
Hope this answers your question although I think there is "more" to your question.
KellyM3 (North Carolina)
Posts: 2,239
Posts: 2,239
Posted:
Brian,
No, North Carolina statute does not require an HOA to set aside money for private road maintenance. It would be responsible and ethical for the HOA to set aside long-term savings to maintain the private road.
No, North Carolina statute does not require an HOA to set aside money for private road maintenance. It would be responsible and ethical for the HOA to set aside long-term savings to maintain the private road.
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