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Loren
Loren, Lawyer
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How do I change the fiscal year for our HOA? This is not a

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How do I change the fiscal year for our HOA? This is not a contentious issue, but a unanimous wish. Jan-Dec is horribly inconvenient. We would prefer a year that ended in June; July and August would be ok but not optimal. Also, is it too late to extend the current fiscal year to 6/30/13 (from 12/31/12) ?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Loren replied 2 years ago.
Thank you for using Just Answer. If you require clarification, please feel free to post a follow up question.

I am assuming for this answer you are a not for profit corporation.
You will have to do a short year 990 filing as well as submitting a form 1128 to the IRS. You should have available your tax exempt ruling letter from the IRS as you will need to submit a copy along with the form. If your nonprofit has only had to file a 990N with the IRS, you may not have to file the 1128 form. Please read the instructions to form 1128 for more details

For the short year filing, if you need to get an extension to file your 990, you’ll have to file one by the initial due date for your new fiscal year.

You should also look over any of your organizing documents to see if they contain any mention of your current fiscal year. You may need to amend those and refile them with the relevant state agencies and the IRS.

You can file articles of amendment with the Colorado Secretary of State to let the state know the fiscal year has been amended.
Customer: replied 2 years ago.
OK, I think I understand. It is too late to change to a June 31 year, since that date is already past. I can submit 1128 and/or 990, 990N for a short year and year change after Jan. 1 to change next year's ending to June 31.

What would make your advice most superlatively helpful would be links to the various IRS documents! But your advice is clear, and I believe I can do what is necessary from here.
Expert:  Loren replied 2 years ago.
Correct.

Here are the links:
http://www.irs.gov/pub/irs-pdf/f990.pdf
http://www.irs.gov/charities/article/0,,id=169250,00.html
http://www.irs.gov/formspubs/article/0,,id=243790,00.html
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 20633
Experience: 30 years of real estate practice experience.
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