LAUREL CREEK
LAUREL CREEK July 2014
Official Newsletter of the Residents of Laurel Creek
Volume 1, Issue 7
BOARD MEETING Our next scheduled Board Meeting is August 21, 2014 at the A number of residents have inquired as to why the private property signs have been removed from the common areas. The simple answer is that they never should have been installed years ago. Laurel Creek is a tax exempt organization, as defined by IRC §501(c)(4). Revenue Ruling 74-99, 1974-1 C.B. 131 requires that the common areas of organizations exempt under IRC §501(c)(4) must be for the use and enjoyment of the general public, not just the residents. The plus side of being tax exempt, is that Laurel Creek is not required to pay sales taxes. This can easily save Laurel Creek in the neighborhood of $10,000 plus a year, or around $50,000 over five years. Most people driving by Laurel Creek are simply going to assume that our common areas are private. Plus, even when the signs were in place, there were individuals that ignored the signs. How much benefit the signs actually provided to Laurel Creek residents is questionable. In order for the signs to be put back, Laurel Creek would need to revoke its tax exempt status. Does anyone actually think that the benefit of replacing three signs is worth a cost of $10,000 or more per year? If enough residents feel that it does, then this would be a possibility. The Board will be happy to discuss this topic at its next regular meeting with any interested residents. Copyright © 2014 Peel, Inc.
Windfern MUD building at 14410 Mauna Loa at 6:30 p.m. All Homeowners are welcome to attend and have the opportunity to address the Board. The general Board Meeting agenda is as follows: I.
Call to Order General Session
Approval of Agenda
Approval of Minutes
II.
Guests or Homeowners to Address the Board
III. Financial Report IV.
Old Business
V.
New Business
VI.
Executive Session
Collection Report
Attorney Status Report
Deed Restriction Report
VII. Adjournment
Laurel Creek -July 2014
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