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RECORDS NEEDED TO
PREPARE TAXES
Timely, accurate record-keeping is essential
to correctly report income and deductible
expenditures. To avoid audit issues or penalties,
make sure to maintain:
• Income records for assessments and dues
• Reserve fund activity
• Interest or investment income
• Non-member income (e.g., facility rentals)
• Expenses related to maintenance and
administration
• Any other receipts or documentation you have
Good records clarify which income is "exempt
function income" (member dues, assessments) vs.
potentially taxable income (non-member income,
interest). This distinction is needed to determine
which tax form you'll use and whether some income
is taxable.
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