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Associations can file with their local secretary of state for whichever kind of profit status for which they qualify.
If the only income is from assessments, then usually, condominium associations are non-profit corporations.
If, however, the community has rental income, then it can be classified as a for-profit corporation.
Your governing documents and your association's attorney can best answer your question.
Additional Detail
If this is analogous to Home Owners Associations, then they generally file as non-profit corporations with the state. However, when filing with the IRS you would file as a 501(c)(4) which has different tax benefits than the traditional 501(c)(3)
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3 examples of non profit organisation?
Examples of non-profit organization are: charity, sports associations, business and professional associations, religion bodies.
Are home owners associations considered to be non for profit?
If the association is structured as a non-profit corporation, then that's what it is.If the association makes money on its assets, for example, by renting its clubhouse, or operating a for-profit golf course, then the corporation would be structured as a for-profit corporation.Your governing documents will tell you whether your association is a non-profit corporation or of another type.
What is the difference between a non-profit corporation and a non-profit association in Indiana?
Associations usually are 501 (c) 4s and charities are 501 (c) 3s. The difference is that 4's cannot accept charitable donations and 3s can.
What is the difference between non profit and not for profit organizations?
There is no difference between a nonprofit and a not for profit. The two are synonymous. Please see the following articlehttp://nfp.answers.com/basics/what-is-a-non-profit
Why do we have non profit organizations?
why do we have non profit organizations
Can a non profit company turn a profit?
Yes. Non profit is a tax status.
Are Elks BPOE lodges non profit?
Yes, they are non-profit. The BPOE is a non-profit fraternal and philanthropic organization.
Where can one find a list of non profit organizations?
To find a list of non profit organizations, check online at the site Non Profit List or List of Non Profit Organizations. Try your local phone book to find a non profit near you.
Is Walmart a profit or non profit company?
profit
Is apple a profit or non-profit business?
profit.
Is Peta non profit?
Yes, PETA is a non-profit organization.
Why do we have nonprofit organizations?
why do we have non profit organizations
