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By CondoAssociation.com • February 12, 2018

How associations account for unplanned income 

We are located in IL. Does anyone have any advice or references for how to account for unplanned income as a result of fees collected throughout the year? We have rules for collecting a fee for move ins and for late assessments.

Should these be treated as operating income, or can we transfer them to our reserve fund? At the end of the year we are required to return budget surplus to the owners, so we are trying to understand if this unplanned income would be considered "budget surplus".

Move in fee rule language:
"There is a $500.00 fee for moving in that is non-refundable to cover cleaning and future re-keying of the building. Any damage incurred during the move will be assessed and additional fees will be charged based on repair costs. "

Thanks for your opinions.

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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