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Is condo association social fundraising a taxable event?

Posted on Mon, Feb 08, 2010 @ 06:23 AM
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Our Florida condo association is seeking to raise finances for Social purposes (raffles, 50/50 etc). Are there restrictions on what or how these are operated? And, are we likely to attract tax (local or Federal) on such income? Finally, donations, whether cash or goods for social purposes (such as benches or special plantings). Are these considered "income" even if specified for use ONLY for social usage?
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Comments

Self managed Board hire cheapest repair people and they cover problems instead of correct it. 
Can we get area Building inspector, or some Agency to check the quality of the work.
Posted @ Monday, February 08, 2010 7:22 AM by allison
Condo boards are under an obligation to hire licensed,& insured trades people. Also one of the reasons for requiring a building permit is so the local building official can inspect the work.
Posted @ Monday, February 08, 2010 3:22 PM by Phillip Franco
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