Friday, April 27, 2012

Laguna Woods Village Warnings about Tax-Exempt Status Fall on Deaf Ears


To  All Shareholders 

This is an example of IRS Commissioner Steve Miller objectives in establishing honesty and integrity with the oversight IRS Form 990. PCM/GRF has never been honest and compliant with this Form 990. This is the reason they have been under the radar. Not as they say "IRS is cracking down on gated communities" This is another GRF cover-up of their lack of oversight. It could cost the directors millions of dollars for their gross negligence. See IRS Cose 4958 or other attachment

Click on : "GRF Could Lose Their Exempt Status" This was a warning signal that was sent to GRF in 2009-2010. Of course GRF wanted to please PCM and did not respond

Members 1st Foundation, Paul Loughrey

Editor's Note:  The Laguna Woods Village governance board, the  Golden Rain Foundation (GRF) has gone from 501(c)4 status to 528 status, as a result of the IRS’ scrutiny of tax-exempt homeowner’s associations, including GRF.  This means the residents need to come up with and additional $250,000 per year to meet its tax obligations.

Now, if residents saw this coming, should the auditors not have been raising red flags much earlier?  What about the GRF Directors?

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The Fox Guarding the Hen House

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