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If the Homeowner's Association by-laws permit such a donation yes; If the Homeowner's Association files Form 1120-H, there is no tax deduction for charitable contributions; If the Homeowner's Association files Form 1120, then it would be subject to the same income limitations as any other corporation in terms of the amount that may be deductible against in determining taxable income.
In the case of the Form 1120H, the only deductions that are allowed are those that are directly connected with the income subject to tax; since most of the income (member's dues, etc. are exempt from taxation, expenditures related to the property maintenance, association administration, etc. are not deductible, nor would charitable contributions be deductible.
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Couple more questions.
Our HOA is in the State of GA (not sure if that matter). We are very strong financially......Approx $32k in our HOA account with approx. $10k in annual expenditures. Our secretary/treasurer is in fear we could lose our tax exempt status by donating money to a not for profit organization? is that possible? Any laws governing this kind gesture we'd like to make?