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MarkC7
(Indiana)

Posts:4

07/22/2008 11:14 AM
I would like to start investing out cash reserves. I have heard from others that we need to have a reserve study performed prior to investing for tax purposes. Is this correct? Being a non profit LLC, how do we justify earned interest come tax day? thanks

GeorgerwilliamsW
(Indiana)

Posts:707

07/22/2008 12:58 PM
Posted By MarkC7 on 07/22/2008 11:14 AM I would like to start investing out cash reserves. I have heard from others that we need to have a reserve study performed prior to investing for tax purposes. Is this correct? Being a non profit LLC, how do we justify earned interest come tax day? thanks Homeowner's associations may be non-profit, but they are subject to paying corporate income taxes. Non-profit does not mean non-taxable. Regardless of whether or not--or how you invest cash reserves--your homeowners association needs to have a reserve study conducted. It is common sense, due diligence, and part of a board's duty of trust and prudent oversight. Let me suggest you check out the IRS website for more information: http://www.irs.gov/pub/irs-pdf/f1120h.pdf Interest income is considered taxable by the IRS. "The taxable income of a homeowners association that files its tax return on Form 1120-H is taxed at a flat rate of 30% for condominium management associations and residential real estate associations." You should know that homeowner associations are not considered "non profit" for Indiana tax purposes and must file a corporate tax return. HOAs are also not exempt from sales taxes. "Political organizations and homeowner’s associations are not considered not-for-profit organizations and, therefore, must file as regular corporations on Form IT-20." Here's my two cents: invest your reserves wisely. Don't be afraid to pay taxes on the interest.

RogerB
(Colorado)

Posts:3704

07/22/2008 12:58 PM
Mark, A reserve study begins with a long range (20 year) reserve plan for captital expenditures. Establish a reserve fund in one or more accounts to meet the needs budgeted in the reserve plan. All earned interest is taxable.

Roger Borcherding Official HOATalk.com Sponsor DARCO Property Management (Colorado) (303) 925-0150 *See legal notice below (end of page) or go to www.hoatalk.com/legal

MarkC7
(Indiana)

Posts:4

07/22/2008 1:32 PM
Ahh... another hoosier. Much easier talking to someone familiar with your own state laws. Thanks for the reply GeorgerwilliamsW

RobertM10
(New York)

Posts:1

07/23/2008 10:40 AM
Everyone is right. A Reserve Study is necessary to make sure adequate funds are in preparation for when the time comes to do roofs and pave sidewalks.

GlenL
(Ohio)

Posts:1377

07/23/2008 1:35 PM
Mark, first check your documents and follow any requirements in them and any applicable State law on the matter. You can't invest the money in a reckless manor; for instance you can't use the money for something like day trading. Below is the policy from a HOA I found online. Rules and Regulations on Investment of Reserve Funds A reserve fund is maintained to provide adequate funds for future capital investments, such as fencing, landscaping, irrigation, monuments, signs and contingencies. Reserve funds shall be invested in an account or accounts which shall be separate from the annual operating account, in accordance with IRS regulations. Reserve funds shall be invested at the discretion of the Board of Directors who shall consider safety of principle as the highest priority, followed by liquidity of funds and lastly yield. Within these guidelines all funds shall be managed to maximize yield. A 20 year reserve plan shall be maintained to assist in establishing the amount of reserve funds required. The 20 year reserve plan shall be updated every three years and in any year that a major reserve expense occurs.

MaryA1
(Arizona)

Posts:2259

07/23/2008 3:30 PM
Mark, You said: "Being a non profit LLC, how do we justify earned interest come tax day?" Are you certain your HOA is an LLC? IMO, LLC's are primarily partnerships.

GeorgerwilliamsW
(Indiana)

Posts:707

07/23/2008 4:43 PM
Posted By MaryA1 on 07/23/2008 3:30 PM Mark, You said: "Being a non profit LLC, how do we justify earned interest come tax day?" Are you certain your HOA is an LLC? IMO, LLC's are primarily partnerships. Before we get off track here, let's be sure we know what we are talking about. LLC is the designation for a limited liability corporation. It is contemporary, standardized, world-wide terminology for "inc". An LLC can just as easily be Chrysler LLC (yes, Chrysler is an LLC) or GRW & Co. LLC. LLP is the designation for a limited liability partnership, typically a professional firm. Nevertheless, state corporation laws differ on how the terms can be applied. In Hoosierland, Inc. or LLC are interchangeable. Now, let's get back on task.

MarkC7
(Indiana)

Posts:4

07/24/2008 4:43 AM
It is my understanding that HOA's can't show profit. If that is the case and we invest our reserves, how do we justify our returns? Reserve Study?

GeorgerwilliamsW
(Indiana)

Posts:707

07/24/2008 5:28 AM
Posted By MarkC7 on 07/24/2008 4:43 AM It is my understanding that HOA's can't show profit. If that is the case and we invest our reserves, how do we justify our returns? Reserve Study? Thanks Mark for the opportunity to respond to this issue. There is nothing in the law that prohibits HOAs from "showing a profit." It just means that the HOA has to pay taxes on the non-exempt income, just like any other corporation. No big deal. The IRS rule is that 60 percent of your gross income must be exempt income (fees, assessments, etc. from homeowners) in order to take advantage of the special rules for homeowners associations. Under Indiana law, homeowners associations are not-for-profit corporations. That means that certain income (fees, assessments, etc.) are exempt from state corporate taxes. However, other income, such as interest earned from investing a reserve fund is not exempt from taxes. Suppose, for example, your HOA collects fees of $20,000 per year for snow removal from homeowners. However, it is a relatively snow-free year, and the HOA only spends $10,000 on snow plowing. The unspent $10,000 (surplus)is not profit (and not taxable in general), even though it shows up on your year-end financial statements as "net income." You may be confusing the notion of net income with the concept of profit. In the not-for-profit world, "income in excess of expenditures" is not profit. Nevertheless, HOAs are required to pay taxes on certain non-exempt income. I know this is a confusing area for board members--anything dealing with the IRS and state taxes is by definition. Non-profit does not mean non-taxable. Nor does non-profit mean charitable--another common mistake. Do understand that this is an effort to inform and educate, and is not intended to be tax advice upon which you should rely. I hope this helps. Anybody else should chime in as well.

MaryA1
(Arizona)

Posts:2259

07/24/2008 7:42 AM
Posted By GeorgerwilliamsW on 07/23/2008 4:43 PM Posted By MaryA1 on 07/23/2008 3:30 PM Mark, You said: "Being a non profit LLC, how do we justify earned interest come tax day?" Are you certain your HOA is an LLC? IMO, LLC's are primarily partnerships. Before we get off track here, let's be sure we know what we are talking about. LLC is the designation for a limited liability corporation. It is contemporary, standardized, world-wide terminology for "inc". An LLC can just as easily be Chrysler LLC (yes, Chrysler is an LLC) or GRW & Co. LLC. LLP is the designation for a limited liability partnership, typically a professional firm. Nevertheless, state corporation laws differ on how the terms can be applied. In Hoosierland, Inc. or LLC are interchangeable. Now, let's get back on task. Well, excuse me, Georgewilliams, I thought I was being on task by asking the question! How can one comment on a topic if they don't have all the answers? I've never heard of an HOA being an LLC. I know what an LLC is and, IMO, it doesn't fit the parameters of an HOA. Fed tax laws are different for corps than for LLCs and aren't we also talking about the HOAs tax liabilities? I know different states have different laws. I'm not from IN and neither is everyone else who posts here.

DwightT
(Idaho)

Posts:460

07/24/2008 8:10 AM
Mary - it's not something to get upset about. I don't think George was trying to single you out. He was just offering a point of clarification, and personally I appreciate his effort. As he mentioned, LLC is used interchangeably with Inc. in many places. Maybe not in AZ, but both George and Mark (the OP) ARE from IN, so George's explanation was appropriate to the question. Given how often we all tend to go off an tangents in this forum (reasonable since there are often regional differences), I think that it was even appropriate for George to try to keep us ALL "on task".

MaryA1
(Arizona)

Posts:2259

07/24/2008 8:19 AM
Posted By GeorgerwilliamsW on 07/24/2008 5:28 AM Posted By MarkC7 on 07/24/2008 4:43 AM It is my understanding that HOA's can't show profit. If that is the case and we invest our reserves, how do we justify our returns? Reserve Study? Thanks Mark for the opportunity to respond to this issue. There is nothing in the law that prohibits HOAs from "showing a profit." It just means that the HOA has to pay taxes on the non-exempt income, just like any other corporation. No big deal. The IRS rule is that 60 percent of your gross income must be exempt income (fees, assessments, etc. from homeowners) in order to take advantage of the special rules for homeowners associations. Under Indiana law, homeowners associations are not-for-profit corporations. That means that certain income (fees, assessments, etc.) are exempt from state corporate taxes. However, other income, such as interest earned from investing a reserve fund is not exempt from taxes. Suppose, for example, your HOA collects fees of $20,000 per year for snow removal from homeowners. However, it is a relatively snow-free year, and the HOA only spends $10,000 on snow plowing. The unspent $10,000 (surplus)is not profit (and not taxable in general), even though it shows up on your year-end financial statements as "net income." You may be confusing the notion of net income with the concept of profit. In the not-for-profit world, "income in excess of expenditures" is not profit. Nevertheless, HOAs are required to pay taxes on certain non-exempt income. I know this is a confusing area for board members--anything dealing with the IRS and state taxes is by definition. Non-profit does not mean non-taxable. Nor does non-profit mean charitable--another common mistake. Do understand that this is an effort to inform and educate, and is not intended to be tax advice upon which you should rely. I hope this helps. Anybody else should chime in as well. Georgerwilliams, Why are you talking about the tax rules for the 1120H? If this HOA is an LLC, IMO, they cannot qualify as an HOA under Title 26, chapt 528. To qualify, "no part of the net earnings can inure to the benefit of any individual". The net earnings of an LLC are "passed through" to the owners. Even if the LLC only has one member, a corp (the HOA), the net earnings would pass to the HOA, who would in turn pass them to the individual members. This is all very complicated, which is why I asked the question as to whether or not this HOA is indeed an LLC. If it is, I don't believe we should be giving any advice pertaining to taxes, unless you are a qualified CPA. The tax implications of LLCs are different than what we are used to discussing with regard to HOAs that are nonprofit corps. Incidentally, an LLC cannot be a nonprofit corp.

MaryA1
(Arizona)

Posts:2259

07/24/2008 8:24 AM
Posted By DwightT on 07/24/2008 8:10 AM Mary - it's not something to get upset about. I don't think George was trying to single you out. He was just offering a point of clarification, and personally I appreciate his effort. As he mentioned, LLC is used interchangeably with Inc. in many places. Maybe not in AZ, but both George and Mark (the OP) ARE from IN, so George's explanation was appropriate to the question. Given how often we all tend to go off an tangents in this forum (reasonable since there are often regional differences), I think that it was even appropriate for George to try to keep us ALL "on task". Dwight, I WAS on task. Do a little reading on LLCs and you'll see what I mean. Before we all start giving advice on tax implications, it's important to know if this HOA is an LLC or not. The tax implications are quite different and that's what's being talked about. I don't care if IN considers LLCs the same as corps or not; the IRS doesn't. I certainly was NOT going off on a tangent. I know you're only trying to be the peacemaker, here, Dwight and I appreciate your efforts in that regard, but I do think Georgeer---- was remiss in telling me to stay on point.

GeorgerwilliamsW
(Indiana)

Posts:707

07/24/2008 9:04 AM
I really don't want to go on with this. I did not intend to upset anybody. I am truly apologetic that offense was taken based on what I wrote. I am contrite and truly humbled in extending my apologies. But I also don't want to see incorrect information promulgated either (I am not suggesting or implying that it is or has been). Here is what the IRS says (emphasis added) with the link to the original source material for all to read. A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Unlike a partnership, none of the members of an LLC are personally liable for its debts. An LLC may be classified for Federal income tax purposes as if it were a sole proprietorship (referred to as an entity disregarded as separate from its owner), a partnership, or a corporation. If the LLC has only one owner, (see Publication 555, on community property states), it will automatically be treated as if it were a sole proprietorship (a disregarded entity), unless an election is made for it to be treated as a corporation. If the LLC has two or more owners, it will automatically be treated as a partnership unless an election is made for it to be treated as a corporation. If the LLC does not make a classification election, a default classification of partnership (multi-member LLC) or disregarded entity (single-member LLC) will apply. The election referred to is made using the Form 8832 (PDF), Entity Classification Election. If a taxpayer does not file Form 8832 (PDF), a default classification will apply. http://www.irs.gov/faqs/faq-kw105.html A not-for-profit cannot exist either a sole proprietorship or a partnership. It must be established as a corporation.

MaryA1
(Arizona)

Posts:2259

07/24/2008 9:21 AM
Posted By GeorgerwilliamsW on 07/24/2008 9:04 AM I really don't want to go on with this. I did not intend to upset anybody. I am truly apologetic that offense was taken based on what I wrote. I am contrite and truly humbled in extending my apologies. But I also don't want to see incorrect information promulgated either (I am not suggesting or implying that it is or has been). Here is what the IRS says (emphasis added) with the link to the original source material for all to read. A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Unlike a partnership, none of the members of an LLC are personally liable for its debts. An LLC may be classified for Federal income tax purposes as if it were a sole proprietorship (referred to as an entity disregarded as separate from its owner), a partnership, or a corporation. If the LLC has only one owner, (see Publication 555, on community property states), it will automatically be treated as if it were a sole proprietorship (a disregarded entity), unless an election is made for it to be treated as a corporation. If the LLC has two or more owners, it will automatically be treated as a partnership unless an election is made for it to be treated as a corporation. If the LLC does not make a classification election, a default classification of partnership (multi-member LLC) or disregarded entity (single-member LLC) will apply. The election referred to is made using the Form 8832 (PDF), Entity Classification Election. If a taxpayer does not file Form 8832 (PDF), a default classification will apply. http://www.irs.gov/faqs/faq-kw105.html A not-for-profit cannot exist either a sole proprietorship or a partnership. It must be established as a corporation. Thank you George, I'm sorry if I appeared to be more upset than I really was. Alot is lost in this type of "conversation". :-( However, after doing a little research on LLCs (and having read the same info you posted), I really thought it wise to know whether or not this assn really is an LLC. As I'm sure you've discovered, the tax ramifications of an LLC can be very complicated. Frankly, I don't know that an HOA can really be an LLC. But, of course, that would be something best left to the professional opinion of the professionals (CPAs, Tax Attorneys, etc.). Thx for posting the info George.

MarkC7
(Indiana)

Posts:4

07/24/2008 10:07 AM
If nothing else, it's been a fascinating discussion and I appreciate everyone that has commented. I am not experienced in corporate laws as you, so it's been a very good discussion for me. Let me clarify the LLC status, I used that only because our HOA was referred as being an LLC from our legal council. After doing some research, it appears that is not entirely correct. As it turns out, the Declarant was an LLC, not the HOA itself. However, this post did raise some very interesting points and I thank all who responded. I have learned a great deal from your comments.

MaryA1
(Arizona)

Posts:2259

07/24/2008 3:31 PM
Posted By MarkC7 on 07/24/2008 10:07 AM If nothing else, it's been a fascinating discussion and I appreciate everyone that has commented. I am not experienced in corporate laws as you, so it's been a very good discussion for me. Let me clarify the LLC status, I used that only because our HOA was referred as being an LLC from our legal council. After doing some research, it appears that is not entirely correct. As it turns out, the Declarant was an LLC, not the HOA itself. However, this post did raise some very interesting points and I thank all who responded. I have learned a great deal from your comments. Thank you, Mark, for the clarification. I would venture to say your assn is a nonprofit corp -- period. Glad to hear you found the comments to your message beneficial. We aim to please! LOL

MaryA1
(Arizona)

Posts:2259

07/24/2008 3:36 PM
Posted By GlenL on 07/23/2008 1:35 PM Reserve funds shall be invested in an account or accounts which shall be separate from the annual operating account, in accordance with IRS regulations. Glen, Can you point me to the IRS reg or rule which says this? I've researched the IRS website for info on reserve accounts, which they call "sinking funds", but cannot find anything whatsoever regarding this topic. Thx!

GeorgerwilliamsW
(Indiana)

Posts:707

07/24/2008 4:23 PM
I have never come across IRS rules or regs on reserve funds in 15 years. And to do due diligence, I, too, have searched IRS regs and IRS publications for reserve fund (sinking fund, etc.) requirements and found nothing. There is really no reason that the IRS would have any interest in how reserve funds are managed. This language sounds like meaningless "lawyerese" that I run across quite frequently in HOA documents. The sole purpose seems to be just to confuse board members unnecessarily.

GlenL
(Ohio)

Posts:1377

07/24/2008 10:30 PM
Mary perhaps your eyesight is failing (:>) or you missed this part of my post: Below is the policy from a HOA I found online. I never claimed it was an IRS regulation; I just quoted someone else's policy. I thought maybe it would give the OP an idea towards a start for setting up a policy for his community. If I were writing it for our community I would change that line to as required by the Declarations; which is why I also suggested that the OP examine his documents for any requirements. Nor did I quote him Ohio's requirement for condos that a minimum of 10% of the annual budget be placed into reserves each year but merely suggested he check his State's statutes.. As you yourself pointed out in Susan's question about "Separate Accounts": Bottom line: It would be financially prudent to deposit the reserve funds in a separate bank account (preferably a money market account) and it certainly wouldn't hurt in case there is an IRS rev. ruling requiring it. http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/49844/view/topic/Default.aspx I would also add that it just makes financial sense, especially nowadays to maintain all accounts under the FDIC limit. For people not familiar with the FDIC this doesn't mean multiple accounts under $100,000 at any one bank even if the accounts are at multiple branches. This is an aggregate amount under your TIN (Taxpayer Identification Number) which is why we have accounts at different banks. For more concise information go to: http://www.fdic.gov/

MaryA1
(Arizona)

Posts:2259

07/25/2008 6:11 AM
Posted By GlenL on 07/24/2008 10:30 PM Mary perhaps your eyesight is failing (:>) or you missed this part of my post: Below is the policy from a HOA I found online. I never claimed it was an IRS regulation; I just quoted someone else's policy. I thought maybe it would give the OP an idea towards a start for setting up a policy for his community. If I were writing it for our community I would change that line to as required by the Declarations; which is why I also suggested that the OP examine his documents for any requirements. Nor did I quote him Ohio's requirement for condos that a minimum of 10% of the annual budget be placed into reserves each year but merely suggested he check his State's statutes.. As you yourself pointed out in Susan's question about "Separate Accounts": Bottom line: It would be financially prudent to deposit the reserve funds in a separate bank account (preferably a money market account) and it certainly wouldn't hurt in case there is an IRS rev. ruling requiring it. http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/49844/view/topic/Default.aspx I would also add that it just makes financial sense, especially nowadays to maintain all accounts under the FDIC limit. For people not familiar with the FDIC this doesn't mean multiple accounts under $100,000 at any one bank even if the accounts are at multiple branches. This is an aggregate amount under your TIN (Taxpayer Identification Number) which is why we have accounts at different banks. For more concise information go to: http://www.fdic.gov/ Glen, Sorry, I didn't catch that, perhaps because your quoted material was not in quotes! :-) Notice in my response to Susan's message that you quoted, I apparently said: ". . .in case there is an IRS rev. ruling. . .". As I said, I haven't been able to find one. Darn, I was hoping you would have that info for me. :-( I'm glad to know OH has a requirement for a reserve fund; at least for condos. AZ has no such requirement. With regard to what you say about the $100,000 limit. A banker told us we could get around that by having more than one name on the account or by having more than one account. I need to check this out with FDIC. Because, if it's as you say, then I must open another bank account NOW!!! Thx for the info and the link. Can't always believe what someone tells you!!

SusanW1
(Michigan)

Posts:2184

07/25/2008 6:22 AM
I am leary of the word "investing". Can someone explain if HOA's can invest (like in the stock market?) Or do you mean depositing funds in high interest bearing accounts? I'd have a fit if I knew the Board was playing the stock markets with my dues money.

MaryA1
(Arizona)

Posts:2259

07/25/2008 6:29 AM
Posted By SusanW1 on 07/25/2008 6:22 AM I am leary of the word "investing". Can someone explain if HOA's can invest (like in the stock market?) Or do you mean depositing funds in high interest bearing accounts? I'd have a fit if I knew the Board was playing the stock markets with my dues money. Susan, I agree with you. However, I'm not aware there is a law which says they cannot. I have heard of some who do invest in the market! IMO, they should only be "investing" in money market accounts and/or CD's.

MaryA1
(Arizona)

Posts:2259

07/25/2008 6:34 AM
Glen, We bank at a credit union and, after, checking I find they do have different rules regarding deposit insurance. Credit unions are insured by NCUSIF. However, FDIC does insure up to $100,000 for each name on a joint account. For ex: John & Mary Doe's joint checking account would be insured up to $200,000. But if John & Mary have other accounts at the same bank, all of which together total $300,000 in deposits, only $200,000 will be insured.

GeorgerwilliamsW
(Indiana)

Posts:707

07/25/2008 6:52 AM
Posted By SusanW1 on 07/25/2008 6:22 AM I am leary of the word "investing". Can someone explain if HOA's can invest (like in the stock market?) Or do you mean depositing funds in high interest bearing accounts? I'd have a fit if I knew the Board was playing the stock markets with my dues money. This is a great question, Susan. Thanks for asking. First of all, one does, indeed, invest in a certificate of deposit or a money market fund. They are truly considered investment vehicles. Investing simply is, "to put money to use, by purchase or expenditure, in something offering potential profitable returns, as interest, income, or appreciation in value." Second, some states may have statutes or regulations that limit the vehicles homeowners associations can use for either their reserve fund or operating funds. Third, please don't think that investing in stocks is "playing in the stock market." Properly managed, investing in stocks and other securities is appropriate for long-term goals, such as a 30-year reserve fund. So much depends on the objectives of the investment and the way in which it is managed. There are many investment opportunities that are as "safe" as a bank savings account, but provide higher returns. Money market accounts, US Treasury funds, some mutual funds, etc. may be good choices for a homeowners association. In the end it all comes down to the knowledge and experience of members of the board of directors, their fiduciary duty, the level of comfort with risk (everything is risky to different degrees), and how often investment funds need to be accessed for expenditure purposes. It would make no sense to invest short-term cash reserves in a bond fund, but it might make a lot of sense to invest them in a treasury bill fund. Every member on a homeowners association board does not need to be a financial expert. The important thing is to have an investment policy and to monitor adherence to that policy. That is something most board members are capable of doing. Actual investment performance and investing decisions can be reviewed by an investment committee of board and non-board members alike. It is a great opportunity to involve other qualified and talented members in affairs of the association without actually having them be full board members.

GlenL
(Ohio)

Posts:1377

07/25/2008 10:36 AM
Posted By MaryA1 on 07/25/2008 6:34 AM Glen, We bank at a credit union and, after, checking I find they do have different rules regarding deposit insurance. Credit unions are insured by NCUSIF. However, FDIC does insure up to $100,000 for each name on a joint account. For ex: John & Mary Doe's joint checking account would be insured up to $200,000. But if John & Mary have other accounts at the same bank, all of which together total $300,000 in deposits, only $200,000 will be insured. Mary while you and your husband having two separate TIN's in this case being your SS# would cover you to $200,000 most corporate entities (HOA) only have one.

GeorgerwilliamsW
(Indiana)

Posts:707

07/25/2008 10:44 AM
Rather than provide anecdotal evidence here's what the FDIC says: Coverage Over $100,000 The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. Common Ownership Categories The most common ownership categories are: * Single Accounts * Certain Retirement Accounts * Joint Accounts * Revocable Trust Accounts http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html They have a great FAQ page with lots of examples-- Right from the horse's mouth.

MaryA1
(Arizona)

Posts:2259

07/25/2008 11:20 AM
Posted By GlenL on 07/25/2008 10:36 AM Mary while you and your husband having two separate TIN's in this case being your SS# would cover you to $200,000 most corporate entities (HOA) only have one. Glen, I think it's the fact that it's a joint account, not that there are two SSNs. I believe my husband's SSN is the only one on the account. I understand the HOA wouldn't have more than one name or TIN on the account. After reading the info on the FDIC website I understand the balances in all the accounts is added together and that aggregate amount is insured up to $100,000, so it wouldn't be of any benefit to open more than one account. However, the way our banker (at our credit union) explained it to us is that each account owned is insured up to $100,000. This is not spelled out in the NCUSIF Brochure I have so I plan to get a clarification on this. I know this is off-topic so I'll sign off on this subject for now.

JohnK3
(Pennsylvania)

Posts:467

07/25/2008 11:37 AM
Mark, Maybe I missed the ammount, but how much $$$ do you have on hand to invest?

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