Occasionally associations consider seeking 501(c) status from the Internal Revenue Service. There are many reasons to do so depending on the objectives of the associations. However, in this interesting article published by Forbes you can see why the decision should be made carefully and with the guidance of professionals.
One response to “Thinking about 501(c) status for your association?”
In our program, we contemplate that the association is limited to the association members and their guests (as well as tentants). Once the association is open to the public, we can obtain insurance for them, but it will not be in our programs at our program prices. Once there is regular public access, the association begins to assume liability exposure that it does not have to voluntarily assume. This in turn exposes the budget driven community association to greater exposure than it need assume.