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HOA accounting: how to record collection of old delinquent fees?

| Budgets & Finance |  


Question:

Our association has finally collected approximately $1,000 from the developer which is the net of unpaid assessments on his units, minus his 'out of pocket' expenses to our building, all from previous years. How do we count this money? Does it go into our regular operating account or do we put it into our Reserves fund? He is current on his units to-date.


Answers (4)

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