Audit & Tax Season
Did you know that community associations, as a registered non-profit corporations in the eye of the State of Minnesota, are required to file Federal and State taxes? It is also important to be aware of any requirements of your governing documents for an annual financial review or audit. If you are governed under MCIOA (Minnesota […]
Construction Chat: The Spring Freeze Thaw Cycle
Soon the spring freeze/thaw cycle in Minnesota will mean things are on the move. Things you don’t want to move! Concrete heaves, asphalt buckles, retaining walls shift and bricks crack. The expansion/contraction process caused by ice/snow melting during the day, and then re-freezing at night, can put a tremendous amount of pressure on surfaces and […]
Board Tips – Open Meetings
What constitutes a Board “meeting” and Board “business” can become a very slippery slope. So much so that in 1994 when the Minnesota state legislature passed the Minnesota Common Interest Ownership Act (“MCIOA” or 515B), they sought to define and solidify requirements for how associations should operate with regards to Board meetings. Note that MCIOA […]
Legislative Changes Require Preventative Maintenance Plan
For community associations that fall under Minnesota State Statute 515B (known as “Minnesota Common Interest Ownership Act” – or “MCIOA” for short) there is a significant amendment that will go in to effect next year requiring associations to create and adopt a “written preventative maintenance plan” for all common elements. So, what does this mean […]