|
A viable Chapter of WIMHOA (tenant association) must exist
in a park if residents there wish to purchase it as a nonprofit
entity and manage their park autonomously when the owner/s
decide to sell. Any lending institution (bank) requires a committed
and credentialed core group of homeowners with a good track
record of Chapter existence in order to justify a loan for several
million dollars.
A steering committee of only 5 to 7 residents can
form a Chapter in their own MHPark. A group that forms a
Chapter
in their park pays only $5 per household per year to
the State as long as
they maintain their Chapter membership. Any additional
monies requested from members by their Chapter on a monthly or
annual basis
should be made easily payable in installments to the Chapter
itself. Your Chapter needs money to exist
(flyers, newsletter, ink, etc.)!!
See www.ROCUSA.org
for current information on how residents can work toward
buying their own community.
(Your group will have legitimate status by virtue of becoming
a chapter in WIMHOA, which has (protective) incorporation and IRS 501©(3)
(nonprofit charity) credentials. Your Chapter will acquire this dual status when
you join us. Incorporation removes you from any personal liability.
The
latter is our federal tax-exempt status which makes your donations
[but not your membership fee] deductible on your 1040.) Keep
receipts and good records.
Any expenses you incur to maintain your
Chapter (prorated utility costs, computer expenses for
software or hardware, office expenses, travel expenses for
your Chapter) are deductible on Schedule C of your
1040. Keep ALL receipts in case the IRS wants
verification. BUT NEVER claim a home office--unless you use your computer and office for NOTHING
ELSE BUT.
Printed 2-page instructions (from the
State) on how to form a Chapter are available with WIMHOA's assistance
in growing your group. Contact the State President for this
handout (608/655-4573) or email <wimhoa@charter.net>.
We will provide your Chapter with information to acquire
affordable accessories in order to function as a legitimate
entity.
|