Tax Returns for HOAs and Condos Explained

Tax Returns for HOAs and Condos Explained

The annual tax return is a confusing topic for many HOAs and condominium associations. State and federal statutes require all associations to file tax returns every year. But that doesn’t mean that all do and that creates a risky situation for any association that doesn’t file. Let’s take a look at the rules, risks, and…

What is a Lockbox in the Property Management Industry?

What is a Lockbox in the Property Management Industry?

You may have heard of the banking term lockbox which refers to a bank-operated mailing address to which homeowners mail their payment checks. The checks are then delivered to a bank payment processing facility.  This is a more secure and faster way to deposit physical owner payments. When checks are delivered to the lockbox, they…

Using a Volunteer Condo and HOA Bookkeeper Can Be a Costly Mistake

Accounts Payable, Accounts Receivable, Special Assessments, Tax Filings, Compliance Requirements and so much more are part of proper Condo and HOA Bookkeeping. Failure to handle these functions and accounting properly can cost a community association dearly. Having a volunteer handle these duties may seem like an economical method for getting these chores done but is…