HOA fees in personal account

Started by CherlynS • 3 replies • 1893 views

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CherlynS (California)
Posts: 3

Posted:

We live in a private cul-du-sac with 4 tow homes and 3 single homes. The HOA states 3 owners need to be on the account which has thousands of dollars in it. The person. Who had the account "gave it" to his neighbor. He than transferred the account to "his" bank. I only found this out when I asked for a yearly copy. This person also wanted to charge a "fee" for his efforts. But the CCRS states this is to be a "not Paid" position. I sent out several emails but no one seems to rant to be on the account. Also I'm concerned that the accounting us shady....We get a email every year asking for $200. But we have no idea what everyone else has paid or "owes" I said we will have to abide by the rules and have 3 people on the account. What to do if he refuses to let an owner on the account?

DouglasK1 (Florida)
Posts: 2,046

Posted:

Do you have a board of directors? Officers (treasurer, for example)? Association funds should be kept in accounts under the name of the association, but one or more directors need to be set up as signers on the account so they can write checks, etc.

Escaped former treasurer and director of a self managed association.

KarenC15 (Florida)
Posts: 118

Posted:

Report it to the state and see if they will help you with ordinance violations.

Hatred is contagious, so one should work to avoid it.

TimB4 (Tennessee)
Posts: 21,061

Posted:

Cherlyn,

The account needs to be in the Associations name, not a personal account.
To have the account in the Associations name, a employer identification number (EIN) number needs to be acquired. To acquire a tax id number see the IRS web site (click on the link).

Only Board members should be on the signature card for the account. If you want to be on the account, submit your name to serve on the Board and get elected or appointed to that position.

Point this out to the individual and, if need be, volunteer to do the work to make it happen.

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