Checklist for Preparing Exemption Application

Checklist for accumulating information necessary for preparing exemption application

Association legal documents:

Articles of Incorporation
Bylaws
C C & R's

Association financial documents:

Most recent four (4) years federal and state tax returns
Most recent four (4) years audited or reviewed financial statements
Most recent monthly financial statement (this financial statement must include both a balance sheet and a year-to-date income statement and should be current within 60 days of the date of filing the exemption application)
Budget for current year
Budget for next year (if available)
Copy of state tax exempt determination letter (if available)
Most recent reserve study

Other Association information:

Listing of all members of the Board of Directors disclosing name, title, address, and amount of annual compensation, if any (use the attached sheet if you prefer)
Listing of committees of the board of directors, with a description of how each committee functions, how members are selected, and the frequency of their meetings
Description of the major activities of the Association
Description of any services provided by the Association that are quasi-governmental in nature, such as:
Street maintenance
Landscape maintenance

Negotiating or directly providing for services:

Security
Water/sewer utilities
Solid waste (trash) disposal

Listing of Board of Directors

Questions and information necessary for preparing exemption application

1) # of lots/units in Association

2) Approximate acreage of Association

3) Approximate # of residents in the Association (community)

4) Listing of sub associations or developments within the Association with # of units of each, and description of type of unit (single family detached homes, townhomes, condominium)

5) Describe the major common area components of the Association (in Footage, Acres, Miles, etc.)

Greenbelts/slopes
Streets
Fences
Lakes
Parks
Equestrian trails/facilities
Recreational facilities

6) Is the Association a gated community? If yes, is the public allowed access to the Association through the gates?

7) Is the public allowed access to Association common areas through any other means?

8) Are any common areas specifically restricted? If so, please describe.

9) Are there any restrictive signs posted in the common areas? If so, please state where the signs are placed, provide the wording, and describe their effectiveness.

10) Which common areas and recreational facilities are specifically available to the public, either through direct access (parks and greenbelts, bike paths, etc..), or through a user fee (golf courses, restaurants, etc..)

11) Has the Association previously been exempt from taxation under any Section of the Internal Revenue Code (other than IRC Section 528)?