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Over-paying for Homeowners Insurance?

HOA Accounting: What is the Difference Between a Compilation, Review and Audit?

Many HOA residents believe that their association is audited every year. In many situations, this is simply not the case.  While HOAs must file tax returns, they are not necessarily subject to annual audits.  State law or an association’s bylaws will typically spell out if an audit is required.  But in many situations a lower level of assurance is allowed.


Does the bank owe the association for unpaid condo fees?

A condo unit owner disappeared (later found out that he has purchased a house somewhere) and did not notify the association of his move. A court record search revealed his unit was foreclosed, although he stayed in the unit until September and paid association fees until June. He also left the property in dismay and an inoperable and unregistered vehicle in the garage.


Does Your Condo Association Have to File a Tax Return?

There is a lot of confusion surrounding the taxation of condo associations.  Many believe that they are tax-exempt as a “non-profit” and are not required to file a tax return.  Even though I have heard this argument over my career, unfortunately, it is simply not correct. 


Condo Association Taxes: The Pros and Cons of Form 1120 and Form 1120-H

When it comes to filing tax returns for an HOA or condominium association, there are generally two options: Form 1120-H and Form 1120. The association will have to qualify in order to file Form 1120-H, but that should not be a problem for most associations.


Developer transition part two - actual vs. budgeted financials

Should call his accounts be adjusted to show actual common expenses versus estimated budgeted expenses at the end of the accounting period?

Why does my condo have a lien attached to it?

My condo HOA has put a lien on my condo but they still have the amount of the lien on my financial account. They are adding a monthly late fee and all the lawyer's expenses to the amount I owe. They have even taken money I paid twice by mistake and put in other charges to use up the money because I was billed 3 times for the same item. I paid twice and that amount is in the lien. The job the HOA and property manager did to our condos was only done because of a conflict of interest and never because it was needed. Not one of the four condo owners who got this new roof and skylights ever complained to the property manager or the HOA and we didn't need a new roof as the old one was still under warranty for 10 more years and the skylights we had would have lasted 50 more years and 31 other condos have those good skylights including the most horrible president who was voted off and his friend threw the wonderful person we voted in and put the voted off horrible man back in because I believe the president and his friend are in on replacing items in our condos for a profit to their pockets and nothing else. The president we have now and his friend got rid of an old president rather than get rid of the worse management company ever with the worse reputation because the past president wanted to fire the PM and her husband's company. The 4 condo owners didn't want our upscale skylights changed and this PM had the nerve to replace them with the absolute cheapest skylights on the market which are so thin they may break at anytime. The PM's husband's management company thinks it was okay to bill everyone the same amount for $200 skylights as he was billing for $900 skylights. I don't even believe this is a civil matter but a criminal matter because the HOA members involved along with the management company pm & owner did this job because of greed only! It is still hard for me to believe there are people on this earth that are so horrible and greedy but it happened to me and I don't lie, cheat or extort money but like to look out for this type of horrible corrupt people when thing like this happen. I just don't want this world to have these kind of people in it and hopefully I can do something to put a stop to their corrupt unethical behavior which is criminal. We lost so many condo owners because of $500 fines this PM gave people because a van was parked overnight, someone else got $1500 fine for not getting the plans for his patio in on time and another got a $500 fine for the contractor putting the vent in the wrong spot. Two of those people had everything put back to the way the condo wanted it but still paid those heavy fines. I heard that the condo lawyer made up a lien for $3,750 that the PM took to a closing on a condo. The fine was for burned out light bulbs that happened after a school teacher owner passed away and before he r condo was sold. Her two sons didn't go to the closing so the PM got the money from the lawyer at the closing. I know who purchased the school teacher's condo and that PM was at the closing on that day. I do not believe a lien can even be for fines but our condo lawyer doesn't follow the rules and is anything but ethical. The information about the $3,750 fine that the PM collected at the closing came from the PM's mouth as she bragged about it to someone who asked her if Carol's condo sold.

Who is allowed to access our condo association bank account?

Who is allowed access to the condo bank account besides the treasurer? Just needing to know if all the owners of a condo association are allowed to go into the on line bank account. 
I thought just the treasurer and president were the only ones who have access that deep.  A yearly income and expense statement is sent out each year to all owners. 

Condo association financial statements may be incorrect

At our condo's recent annual meeting, monies that are in the Condo's Operating Fund and in its Replacement Reserves weren't identified in our Treasurer's Report. Instead all that was identified was how much money was in the Condo's Checking Account and in its Savings Account, and how much is in a separate Pier Fund into which a certain number of unit owners who have sole use of our piers contribute monthly assessments.

My understanding is the Condo has only two Bank accounts.

I have a gut feeling that something is wrong with this - accounting-wise and possibly legal-wise but cannot put my finger on what it is.

All I know is that one doesn't know what amounts are in either the Operating Fund or in the Replacement Fund, and I fear that everything is being intermingled.

I brought this up at the annual meeting but received no comments or interest.

What can be going on?"

Can association turn off water for non-payment of condo fees?

I have an owner who has not paid condo fees in three years and her condo is in foreclosure process with the bank. Part of the fees cover, water, trash, pool maintenance and insurance. She has rented the condo part during part of this period and has had rent money coming to her. None of that money has been used to pay regime, so we have been paying for her tenants water while she make money off of the property. Since she has not paid and water is part of payment is it legal for the water to be turned off to condo?

We want all condo owners to approve expenses

How can we put in a requirement that major expenses above a certain amount, say for example - $2,500 for a repair job, must be approved by the general body, and not by the Condo Board alone ?


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