Are there any special record-keeping requirements for a homeowners association qualifying as tax-exempt under IRS Section 501(c)(4)?

Are there any special record-keeping requirements for a homeowners association qualifying as tax-exempt under IRS Section 501(c)(4)?

Yes. An exempt organization must establish an accounting system capable of tracking the source of income and payment of that income. The system should also identify those expenses directly connected to the production of income by source.

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