HOA in Oregon

Started by KevinB2 • 3 replies • 2204 views

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KevinB2 (Oregon)
Posts: 2

Posted:

Hello, I am the treasurer of a 12 home HOA in portland oregon.

We have a HOA that was started by our builder in 2004. He registered the HOA under his address and info in 2004. The Builder registered it as a LLC and it was never transferred to me. Now I looked up the info and it looks like it has expired.

I do have the original Bylaws and CCR's for when the HOA was setup so I can just resubmit those with the new registration.

I have collected $150 per home for the 2007 bills (streetlights, water, common area maintenance, $1mil insurance policy)

Upon reading several sites it looks like HOA's should be setup as Non profit organizations rather than LLC's.

I went to the filing in oregon website and found a PDF to fill out for Nonprofit corps. http://www.filinginoregon.com/forms/pdf/business/112.pdf

I have a couple questions:

1) Is the Nonprofit incorporation the way to go?
2) Will i get a Tax ID for the corporation?
3) I assume I will have to be doing the taxes going forward for the HOA but if i am spending all the money that i am taking in each year what is there to do?

What else should i be doing?

Thanks,
Kevin

KevinB2 (Oregon)
Posts: 2

Posted:

One more question regarding the Non profit form

http://www.filinginoregon.com/forms/pdf/business/112.pdf

Who should be on the list of Incorporators? Just me since I am submitting this or do i have to list every single property owner and get signatures from each one.

We do have a president, treasurer, and secretary as our officers in the bylaws.

JM2 (Oregon)
Posts: 439

Posted:

Hi Kevin:

You will need to file as a non-profit corporation. There may need to be changes to the Articles of Incorporation. I would suggest that you get a lawyer involved; you can access a partial list of local lawyers at the website of the local CAI chapter:
http://www.caioregon.org/web/servicedirectory/default.asp
or email me directly at [email protected] and I can give you some more names of local HOA lawyers.

J. Patrick Moore, CMCA

RogerB (Colorado)
Posts: 5,067

Posted:

Kevin, your Secretary of State can answer your questions on setting up a non profit corporation. I think your officers will be the signers. Your state may issue a state ID for taxes and the IRS will issue a federal ID. Use IRS form 1120-H for federal and ask your state which form to use for state taxes.

Your Board will need to decide whether to stay an LLC or a nonprofit. Either way updating the registered agent will need to be done from time to time.

What else? Look at your learning experiences as an adventure and enjoy :)

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