Oregon's Planned Community Act (ORS Chapter 94) does not give boards one big year-end deadline. It gives them four, spread from the fall budget meeting to the following autumn, plus two federal tax dates in between. Miss one and nothing explodes, but owners notice, and a CPA or a buyer's lender will ask about it later. This checklist puts them in the order a calendar-year association meets them.
Everything here comes from the statute text on the Oregon Legislature's site and covers planned communities under ORS Chapter 94. Condominiums follow ORS Chapter 100, which has its own rules. Your declaration and bylaws can add steps, so read this beside them. For a community created before January 1, 2002 that was not formed under the Act, these sections apply only to the extent they are consistent with the governing documents (ORS 94.572). For the full picture of the statute, see our Oregon HOA laws guide.
November and December: Adopt the Budget and Send the Summary
The board must adopt a budget for the planned community at least once a year, and within 30 days after adopting it, provide a summary of the budget to all owners (ORS 94.645). Unlike Washington, Oregon's statute does not create an owner ratification meeting, so the board's adoption is the decision unless your own documents require an owner vote.
- Put the reserve contribution in the budget. After the turnover meeting, the board adopts the budget and includes the money to be allocated to the reserve account.
- Mail or email the summary within 30 days. A one-page summary that shows total income, total expenses by category, the reserve contribution and the new assessment per home is enough for most owners. Attach the full budget for anyone who wants it.
- Lead with dollars per home. "$6.40 more a month" lands better than "8 percent". Our guide to raising dues to fund reserves includes a copy-and-adapt increase letter.
If you are still building the numbers, the HOA budget planning guide and the free budget template walk through it line by line.
Every Year: Determine the Reserve Requirements
ORS 94.595 requires the board to determine the reserve account requirements every year, either by conducting a reserve study or by reviewing and updating an existing one. The reserve account covers major maintenance, repair or replacement of common property expected in more than one and less than 30 years. The board may do the update itself, and many boards time it to feed the budget.
- Update the costs. Construction costs rose sharply between 2020 and 2025, so a study priced five years ago understates every line.
- Record that you did it. A short board resolution or a dated update in the minutes is the simplest evidence of the annual determination.
- Do not skip funding by majority vote. After turnover, an association may elect not to fund the reserve account for a year only with the approval of all owners.
Our Oregon reserve study requirements page covers which communities ORS 94.595 reaches, and the free reserve fund calculator turns a component list into an annual contribution. If you update the study yourself between professional visits, our two-hour DIY reserve update shows the process.
By January 31: 1099s for Last Year's Vendors
This is a federal rule, not an Oregon one, but it lands in the same season. For payments made during 2026, the 1099-NEC threshold rose from $600 to $2,000. Unincorporated service vendors paid $2,000 or more get a form, attorneys get one whatever their structure, and anything you paid by card is left out because the card processor reports it. Copies go to the vendor and the IRS by January 31. Our post on HOA 1099 requirements has the full workflow.
Within 90 Days of Year End: The Annual Financial Statement
Within 90 days after the end of the fiscal year, the board must prepare, or have prepared, an annual financial statement consisting of a balance sheet and an income and expenses statement for the year, and distribute a copy to each owner (ORS 94.670(4)). A mortgagee of a lot gets a copy if it asks in writing. For a calendar-year association, the deadline is March 31.
Two reports from your books cover it. If those books live in a spreadsheet, start in January: a statement has to tie to the bank, and reconciling twelve months of checks in late March is how deadlines slip. Our guide to the five reports every board needs shows what each should contain.
Over $75,000 in Assessments: The CPA Review
A planned community with annual assessments over $75,000 must have that annual financial statement reviewed by an independent certified public accountant licensed in Oregon, within 300 days after the end of the fiscal year, following the AICPA's review standards (ORS 94.670(5)). For a calendar-year association that is late October.
- Opting out takes 60 percent. The association can elect, each year, not to have the review by an affirmative vote of at least 60 percent of the owners, not counting the declarant's lots (ORS 94.670(7)). It is an annual vote, not a permanent waiver.
- Smaller associations can be asked for one. An association created on or after January 1, 2004 (or an older one covered by ORS 94.572) with annual assessments of $75,000 or less must get the same review within 300 days of receiving a petition signed by at least a majority of the owners (ORS 94.670(6)).
- Book the CPA early. Reviews cluster in spring. Engaging one in January, with clean books, keeps the price down.
By April 15: The Association's Tax Return
Most homeowners associations file Form 1120-H, due by the 15th day of the fourth month after the tax year ends, which is April 15 for a calendar-year association. Some do better on Form 1120. Our 1120-H vs 1120 guide explains the choice. One thing you can drop from the list: domestic associations no longer file beneficial ownership reports under the Corporate Transparency Act, after FinCEN exempted domestic entities.
All Year: Records Owners Can Ask For
ORS 94.670 also sets record rules that come up around year end, when owners read the budget and the statement:
- Account statements in 10 business days. When an owner asks in writing, the association must say what that owner owes, including assessments, fines, interest and late charges, and the rates it uses for interest and late fees (ORS 94.670(8)).
- Core documents in 10 business days. Keep copies of the declaration, bylaws, rules, the most recent financial statement, the current operating budget, the reserve study and any architectural guidelines, and provide them within 10 business days of an owner's written request (ORS 94.670(10), (11)).
- Ballots and proxies for one year. Keep them for one year after the vote is determined, or one year after an amendment takes effect if the vote was on a governing document (ORS 94.670(1)(b)).
- Association money in the association's name. Assessments and other funds go in federally insured accounts in the association's name, and expenses are paid from those accounts (ORS 94.670(2)).
The Calendar on One Page
| When (calendar-year HOA) | What | Rule |
|---|
| Before January 1 | Adopt the budget, with the reserve contribution | ORS 94.645, 94.595 |
| 30 days after adoption | Budget summary to every owner | ORS 94.645 |
| Each budget year | Reserve study or review and update | ORS 94.595 |
| January 31 | 1099-NEC to vendors and the IRS | Federal |
| March 31 | Annual financial statement to every owner | ORS 94.670(4) |
| April 15 | Form 1120-H or 1120 | Federal |
| Late October (day 300) | CPA review, if assessments exceed $75,000 and owners did not opt out | ORS 94.670(5), (7) |
Make Next Year Easier
Every deadline above is easier with books that are already reconciled and records that are already in one place. That is the job we built Effortless HOA's accounting to do for volunteer boards in Oregon and Washington: budget versus actual, a balance sheet and income statement you can download and print, owner email for the budget summary, and a document library for the records owners ask for. Washington boards have extra steps this season, covered in our WUCIOA compliance checklist.
