|
Code |
Category |
 |
INCOME
|
| HOMEOWNERS DUES AND FEES |
|
4000
4020
|
Regular Assessments
Early payment discounts
Special Assessments
|
OTHER INCOME
|
|
4200
4205 |
Group purchase - exterior paint/repairs 
Group purchase - landscaping
|
|
EXPENSES
|
GENERAL AND ADMINISTRATIVE
|
|
5070
5075
5012
5115
5116
5027
----
5011
5035
5080
5085
5030 |
Bank Charges
Credit card/PayPal Fees
Postage
Website-domain/hosting
Website-program/admin
Meetings-business
Meetings-social
Reproduction and copies
Office supplies
Record storage/digitizing
Inspection/licenses/permits
Other administrative expenses
|
PROFESSIONAL SERVICES
|
|
5100
5024
5001
5105 |
Accounting and management fees
Legal fees
Annual audit
Reserve/Engineering studies
|
TAXES AND INSURANCE
|
|
5230
5210
8103
8104
----
|
Insurance-D&O/liability
Insurance-property
Federal income tax
Property taxes
Franchise tax
|
UTILITIES
|
|
6000
6040
6060 |
Electricity
Telephone/cable/Internet
Water and sewage
|
| CAPITAL REPAIR AND RESERVE |
|
9948
9946
9866
9852
???
9892
9902
----
9920
|
Roadway/curve/sidewalk
Water mains/sewers/storm drains
Garage roof/walls/doors/foundation
Fence/wall/ironwork
Gates/traffic spikes
Exterior lighting
Mailboxes
Emergency reserve
Capital reserve
|
PAINTING
|
|
6675
6515 |
Painting
Exterior siding repair
|
LANDSCAPING
|
|
6520
7026
7024
7023
7035
7022
7025 |
Landscape-mowing/trimming
Landscape-tree trimming
Landscape-fertilization/insecticide
Landscape- seasonal color
Landscape- irrigation repair
Landscape- shrub replacement
Landscape-other
|
| GROUP PURCHASES (for owners) |
|
4205
4200
|
Home repair/paint
Lawn and garden
Other
|
MAINTENANCE OTHER
|
|
6640
6600
----
6645
7030
---- |
Lightbulbs/Services
Parts and supplies
Day Labor - other
Signs/locks/keys
Miscellaneous contract/maintenance work
Tools, appliances, furniture |
|
|
 |
|
|
Federal and State Taxes
The Beverly Oaks Homeowners Association files federal taxes as an IRS 528 corporation. The IRS describes "528" as a "quasi not-for-profit" class - a for profit corporation with some special considerations. The primary consideration is that the Association can have dues income without paying tax on it. Beverly Oaks has elected this status since 1983. The Association does not have a 501(c) (4) not-for-profit, Federal tax exempt designation letter. The Association has not been issued a sales tax exemption from the state. The Association is not exempt from paying property taxes.
The Association does qualify franchise tax exemption and filed for this exemption in 1987. The Association is required to report to the State every four years to maintain this status.
The Association pays property tax on the roadway, storage garages, cul-de-sac gardens and mailbox peninsulas. The property has been given a nominal valuation of $22,000 in 2009 even though the improvements have a replacement cost of $1,500,000 (road/water lines/sewer).
FEDERAL TAX FORMS 1099 should be prepared and mailed to all contractors by January 30;
FEDERAL TAX FORMS 1096 should be prepared and mailed to IRS listing all 1099’s mailed by January 30;
FEDERAL TAX FORM 1120H should be prepared and mailed to IRS March 15.
Audits
The association shall, as a common expense, annually obtain an independent audit of the records. Copies of the audit must be made available to the unit owners.
An audit required by this subsection shall be performed by a certified public accountant if required by the bylaws or a vote of the board of directors or a majority vote of the members of the association voting at a meeting of the association.
PROPERTY CODE, TITLE 7. CONDOMINIUMS, CHAPTER 82. UNIFORM CONDOMINIUM ACT, SUBCHAPTER A. GENERAL PROVISIONS, Sec. 82.001. SHORT TITLE. This chapter may be cited as the Uniform Condominium Act. Added by Acts 1993, 73rd Leg., ch. 244, Sec. 1, eff. Jan. 1, 1994. 
Link to Property Code
