When you sign up to participate in UARHOF, you are able to help support programs that create housing opportunities for low-income individuals and families. Plus it’s easy to sign up and the bank charges no fee for having an interest-bearing account. There are no accounting procedures to follow, and you are not charged income on the account because you will be using the UARHOF Tax ID number.
Read below to learn how you can easily convert your trust account.
The reporting procedures have been set up in a similar manner to the attorneys' foundation (IOLTA), with which most financial institutions are familiar.
The name of the real estate broker’s trust account remains the same, with the addition of UARHOF (IBO) “interest beneficiary only,”on the second line. The UARHOF federal tax identification number, 87-0572022, must be used on the account for interest reporting purposes. An example of how the account will read:
|As Is Currently
Real Estate Trust Account
6000 Park Avenue
Salt Lake City, UT 84111
ABC Realty Tax ID#
It is not necessary for the broker to have new checks printed, since UARHOF is the beneficiary only of the interest on the account and has no other interest or authorization in regard to this account.
The financial institution will sweep interest earned on the broker’s trust account and a check will be sent to:
UARHOF (Utah Association of REALTORS® Housing Opportunity Fund)
230 W. Towne Ridge Parkway, Suite 500
Sandy, UT 84070
This is the only form you need to get started! Fill it out and fax it to (801) 676-5225.