A nonprofit corporation is one that is organized for charitable or benevolent purposes. These corporations include certain hospitals, universities, churches, and other religious organiza¬tions. A nonprofit entity does not have to be a nonprofit corporation, however. Nonprofit corporations do not have shareholders, but have members or a perpetual board of directors or board of trustees.
A Home Owners Association is an organization of homeowners of a particular subdivision, condominium or planned unit development. The purpose of a home owners association is to provide a common basis for preserving maintaining and enhancing their homes and property. Most homeowners' associations are non-profit corporations. They are subject to state statutes that govern non-profit corporations and homeowner associations. The associations provide services, regulate activities, levy assessments, and impose fines. Usually, each member of a homeowners association pays assessments. Those assessments or dues are used to pay for expenses that arise from having and maintaining common property.
The Wisconsin Articles of Incorporation of Homeowners Association are legal documents that establish the formation and structure of a homeowners' association (HOA) in the state of Wisconsin. These articles are filed with the Wisconsin Secretary of State's office and provide a blueprint for the association's governance and operations. Key Aspects of Wisconsin Articles of Incorporation of Homeowners Association: 1. Incorporation Details: The articles include essential information about the HOA, such as its name, principal office address, registered agent, and duration of existence. The name should clearly indicate that it is an association of homeowners, making it easier for the public to identify its purpose. 2. Purpose and Powers: The articles outline the primary purpose of the HOA, which typically includes the maintenance, management, and preservation of common areas, enforcement of governing documents, and promotion of community welfare. It also specifies the powers and authority granted to the association, such as the right to collect assessments, enforce rules and regulations, and initiate legal actions. 3. Membership: These documents describe the qualifications for membership and provide clarity on who is eligible to become a member of the HOA. It may define criteria based on property ownership or residency within a specific community or development governed by the HOA. 4. Board of Directors: The articles clarify the composition and responsibilities of the HOA's board of directors. It typically includes details on the number of directors, their terms, election procedures, and powers and duties necessary for the association's effective management. 5. Assessments and Finances: Describing the provisions for assessments and the financial management structure, the articles of incorporation detail how assessments are calculated, collected, and used to fund the association's operations, maintenance, improvements, and reserve funds. 6. Amendments and Dissolution: The articles may outline procedures for amending the document in the future, ensuring that the association's governing structure can adapt to changing circumstances. Additionally, it may cover the process for voluntarily dissolving the association if necessary. Different Types of Wisconsin Articles of Incorporation of Homeowners Association: While there may not be different "types" of Wisconsin Articles of Incorporation, each homeowners' association may have unique provisions tailored to its specific community. The articles may differ in sections like membership criteria, types of assessments, architectural control guidelines, and other rules that are specific to a particular development or neighborhood. It is crucial for HOA board members and residents to carefully review and understand their association's specific articles of incorporation to ensure compliance with Wisconsin laws and effective management of the community. Legal counsel should be consulted for drafting or reviewing these documents to ensure they meet the requirements and objectives of the association.
