Managing surplus assessments
Q. My understanding of IRS Revenue Ruling 70-604 is that it permits owners to vote to have surplus assessments either returned to owners or applied to the next year’s assessments, in order to avoid taxation on the surplus. Our community association has been applying any excesses over the years to the reserve fund and not the operating fund. Is this legal and does it result in a tax to the association? Read the Q&A…………….
The cause of the fatal Wednesday, Mar. 4 condo fire at 5201 Carriage Way in Rolling Meadows was determined to
Q. Our condominium association declaration requires the board to give notice of proposed amendments to the mortgage holder of each
HB4489 (Rep. Drury) – UNIT OWNER LITIGATION. This bill amends the Illinois Condominium Property Act by creating Section 33 entitled