Although a nonprofit corporation does not have to file an annual report, its members do have statutory inspection rights similar to those of the shareholders of a business corporation. Rarely, however, do members or the board...more
When it comes to protecting your business, having the right insurance coverage is crucial, but how do you know what types of coverage you need? The first step is understanding some of the key different types of insurance...more
Last month, the North Carolina Court of Appeals issued its opinion in the case of Alexander v. Burkey, 894 S.E.2d 291 (2023). The Court of Appeals' opinion upheld the ability of condominium associations to determine in their...more
Confused by what you've read about the Corporate Transparency Act? You're not alone. Read on to learn what it is, who it applies to, what it will do, and the requirements for compliance....more
Was your community association lucky enough to come in under budget last year?
On the surface, this might appear to be a bonus, but if not handled properly, it can quickly turn into an unexpected tax burden. ...more
10/5/2023
/ Budgets ,
Community Associations ,
Condominium Associations ,
Fees ,
HOA Dues ,
Homeowners Association (HOA) ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Membership Agreements ,
Revenue ,
Taxation
All community associations, at least annually, are faced with action items requiring a vote of their membership. For example, community association membership participation is necessary on an annual basis, at a minimum, to...more
Community associations ("Associations") act through their board members and officers, who are volunteers and are generally willing to serve because they care about their communities.
Notwithstanding their status as...more
All community associations, at least annually, are faced with action items requiring a vote of their membership.
For example, community association membership participation is necessary on an annual basis to elect the...more
With Presidential, Senate, and House elections less than thirty days away, political signs are popping up in yards everywhere.
Many community associations have restrictions in their governing documents prohibiting or...more
Just in Time for Fireworks:
North Carolina Governor Signs into Law Limited Immunity from COVID-19 Related Claims Arising from the Reopening of Community Pools -
The Buzz -
Part VI, of North Carolina House Bill 902,...more
The Board of Directors for a Community Association functions in a very similar capacity as the Board of a standard corporation.
Approximately 95% of all decisions to be made on behalf of a Community Association will be...more
We are seeing the emails already.
"We have a Board Meeting and need to award the contract for the pool, but we shouldn’t be in the same room. How do we do this?"
"We have a Membership meeting scheduled for April but we...more
What is the Business Judgment Rule?
The North Carolina Business Corporation Act (the "Act") imposes certain requirements on corporate directors to ensure that they act in the best interest of the corporation when making...more
Congratulations!
You just purchased your first home in a planned community and became a member of a community association...
So now what? You have automatically become a member of the association within your...more
In the aftermath of Hurricane Florence, many Community Associations located in the Eastern part of the state had a rude awakening when they discovered they didn't have the right amount and/or proper type of insurance...more
...Owners of adjoining lots in subdivisions often decide to combine them for a variety of reasons. But, in a planned community governed by an owners' association, the owner may have to obtain consent and the effect the...more
A community or property owner association ("Association") acts through board members and officers who are volunteers and are generally willing to serve because they care about their communities.
But in this day and age,...more
Most community associations, at least annually, are faced with action items requiring a vote of their membership. For example, community association membership participation is necessary on an annual basis to elect the Board...more
The past twenty years have seen a dramatic uptick in the regulation of smoking, as dozens of states and hundreds of cities and counties have enacted laws making designated public places "smoke-free." For its part, the North...more
There are approximately 14,000 planned communities located throughout North Carolina, but very few of the nearly 3 million residents of such communities have a clear understanding of what the heck the community association...more
Many planned communities, townhome communities, and condominiums (collectively, "Associations" since they are nearly universally governed by one) have restrictions that either prohibit or limit the number, size, and type of...more