|Re: How does your community handle finances?||<– Date –> <– Thread –>|
|From: Rosemary McNaughton (astromezzogmail.com)|
|Date: Fri, 1 May 2009 08:05:22 -0700 (PDT)|
We started with all volunteer work. When it turned out we had to file the 1120 instead of 1120-H one year we hired accountants to do our taxes, but now we're going back to doing it ourselves with tax software. Also... our second volunteer bookkeeper moved out and we've decided to retain her and pay for her services now, as I (the first bookkeeper for the HOA) was not as experienced and had already filled my dance card with other cohousing commitments once she took over. So things keep changing! We have rules in the bylaws about being late on monthly fees, but haven't had to employ them. We set almost everyone up on automatic deductions through a company that handles things like church tithes and association dues. That's saved us a lot of collection headaches. We have discussed what we would do if someone had to fall behind on dues because of a sudden change in their finances, but no clear procedure for that beyond what's in our bylaws. We were advised that we should contact lawyers if someone falls about 4 months behind, as the first 6 months of HOA dues are protected in a foreclosure, but after that it's completely out of our pocket, so we might want to put a lien on a house to protect the community's money if someone is falling more than 6 months behind. This may be just Massachusetts law, and obviously I don't know it very well, but I'd say it's worth checking in with your lawyers if it looks like someone has the potential to fall seriously behind. As well as of course talking to the homeowners and working out a payment plan. -Rosemary Rocky Hill Cohousing Florence, MA On Fri, May 1, 2009 at 1:31 AM, <NetiPotLady [at] aol.com> wrote: > > Our community, up until now has had a management company collect dues, > write checks to reimburse members for expenditures, pay bills, keep the > books > etc. We'd like to hear how other communities handle these tasks. Do you > have people in the community manage these things? Do you employ a bookkeeper? > What do you do when people are overdue paying their dues/fees (we are a COA > and so have monthly COA fees)? > > Thanks for your input. > > Gina Kruse, > Stone Curves Cohousing > Tucson, AZ > > > **************Access 350+ FREE radio stations anytime from anywhere on the > web. Get the Radio Toolbar! > (http://toolbar.aol.com/aolradio/download.html?ncid=emlcntusdown00000003) > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://www.cohousing.org/cohousing-L/ > > >
How does your community handle finances? NetiPotLady, April 30 2009
- Re: How does your community handle finances? Rob Sandelin, May 1 2009
- Re: How does your community handle finances? Rosemary McNaughton, May 1 2009
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