How should association handle money owed to former owners? (IL)

/ Owner - June 19, 2024

Q. As manager for a condominium association, the board asked me to clean up some of the association’s financial records. There are many former unit owner accounts with small credits, going back as far as about 2010. These credits range from pennies to hundreds of dollars. Many of these former owners have been sent refund checks that were never cashed. At what point in time can we write these off?   Read the Q&A………………………………..

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