---
title: Questions from self-managed condo association on banking, taxes and collections
description: Small, self-managed condo association or HOA questions on banking, taxes and collections
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---

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# Questions from self-managed condo association on banking, taxes and collections

| [Budgets & Finance](https://www.condoassociation.com/blog/topic/budgets-finance) |  

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## What do you think? Question:

![condo association banking](https://www.condoassociation.com/hs-fs/file-13172467-jpg/images/condo_association-resized-600.jpg)I am the head trustee of our [small condo association](https://www.condoassociation.com/CondoAssociation/tabid/83434/Default.aspx). We have six owners total in our condo association. I am looking to update our financial management (move account to a more web-friendly, easier to manage bank) and am wondering if you have any idea on how this should happen. Can we collect interest? Do we have to file taxes? Are we a business? Are we a non-profit? How are we classified? I am new to this and the prior trustee didn't know much about the money.

HBWGGWYTSNAT  

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## What do you think? Answers (34)

#### What are your thoughts on this topic?

***Comments and postings are not legal advice**, but are the opinions of our readers. This forum and its contents are being monitored. Please be respectful of each other. *  
  

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