Documents & General Information

Homeowners’ Reference Documents

Each property owner in Rancho San Lucas purchased their property subject to the following documents that govern the Association. Please familiarize yourself with these important documents.

• Articles of Incorporation – The foundation of an HOA in New Mexico starts with Articles of Incorporation, which are placed on file with the Secretary of State. This document outlines the RSL associations’s existence and its basic governance structure.
• By-Laws – These by-laws govern the day-to-day operations of the the RSL HOA.
• Amended and Restated Declaration of Restrictive Covenants – These Covenants, Conditions and Restrictions (commonly called “CC&Rs”) are the legally binding set of rules that residents of RSL have agreed to live by. The purpose of the CC&Rs is to protect, preserve, and enhance property values and the quality of life in RSL.

As a convenience to members, we’ve provided the key Association documents in PDF format above. These documents should not be used as disclosure documents. In the case of any discrepancy, the documents on the Legal Disclosure Documents page are the authoritative binding agreements.

Directory of Property Owners

New Mexico State law requires a Homeowner’s Association to maintain an accurate list of all property owner’s and their current contact information. New Mexico State law further provides that any homeowner may request the current list of property owners and their contact information at any time, to do so please contact the Secretary at info@RSLHOANM.com. (The property owners contact list is not posted here for privacy reasons.)

Disclosure Package

If you are selling your property, we have prepared a complete set of required Corporate & Financial disclosure documents in PDF format. You can either print these files, email them or provide the documents to your potential buyer(s), Real Estate professional, or Title Company using the following link – Legal Disclosure and Documents. The Legal Disclosure and Documents page includes PDF files of all State of New Mexico required disclosure documents for real-estate transactions.

Financial Statements & Documents

The State of New Mexico requires a New Mexico chartered Certified Public Accountant to prepare annual audited financial statements for any homeowners association of 100, or more, properties. The Rancho San Lucas Homeowners Association, Inc. is comprised of 29 lots and is exempt from the State’s external audit requirement. All financial records of the Association are available for inspection upon request by contacting the Treasurer at info@RSLHOANM.com.

The State of New Mexico requires a balance sheet statement be provided to members each year. Rancho San Lucas also provides the profit and loss statement. Financial statements, as approved by the membership at annual meetings, are provided here for the years 2020, 2021, 2022, 2023 and 2024. The State of New Mexico also requires a registered HOA to prepare a rolling three-year budget estimate each year. The current rolling budget estimates is provided here. Financial statements from earlier years are available from the Secretary at info@RSLHOANM.com.

Organization Structure & Taxes

The Rancho San Lucas Home Owner’s Association, Inc. is a registered New Mexico Non-profit Corporation. There are two types, a Mutual Benefit Non-profit Membership Corporation (not to be confused with a Mutual Benefit Corporation created in 2013) and a Charitable Non-profit Corporation. A homeowner’s association is not a Charitable Non-Profit or any form of Federal non-profit corporation as recognized by the IRS or the Federal Government and therefore, the Annual Assessment is not considered tax deductible (seek professional tax advice to discuss your situation).

The Rancho San Lucas Homeowner’s Association, Inc. is subject to filing, and paying, if any balance is due, Federal Corporate Income Taxes and New Mexico State Corporate Income Taxes. As a registered New Mexico Homeowner’s Association, receipts from the Annual Assessment are generally considered tax exempt. An IRS Tax Return Form 1120-H must be filed each year by March 15th to take advantage of the “528 Election” to exempt Annual Dues income from taxable income. The Association’s most recent Federal and State Tax Returns are provided here. Tax returns from earlier years are available from the Secretary at info@RSLHOANM.com. Tax returns are prepared by the Certified Public Accounting firm Swain & Grieco, LLC.

Professional Services:

Legal

Lynn Krupnik
Krupnik & Speas, PLLC
3003 N. Central Avenue, Suite 2616
Phoenix, AZ 85012

Accounting

Michael D. Swain, CPA
Swain & Grieco, LLC
2050 Botulph Road, Suite A
Santa Fe, NM  87505
505-989-7480

Banking

Enterprise Bank (formerly LANB)
2009 Galisteo Street
Santa Fe, NM  87505
505-662-5171

Insurance policy

The Association maintains a Liability Insurance Policy underwritten by State Farm Insurance & Casualty Company. The Insurance policy is available upon request to any property owner from the Secretary at info@RSLHOANM.com.