Payroll tax returns – If your association has employees on its payroll, it will be required to file and pay quarterly payroll tax returns that provide the federal and state taxing authorities information regarding total wages paid to employees, taxes withheld from employees’ paychecks, calculation of unemployment taxes and payroll taxes owed. Payroll tax returns are required for quarters ended 3/31, 6/30, 9/30 and 12/31 and are usually due by the last day of the month following these quarters. Fourth quarter payroll tax returns also include preparation and filing of W-2s to all employees and a W-3 summary form to the IRS. If your association has a third-party payroll processing company, they will typically prepare the quarterly and annual payroll tax returns and assist in remitting the appropriate taxes to the respective federal and state levels.
Reserve Study or Transition Study
While not necessarily a legal or financial document, a reserve study report can aid an association in developing its budget and other financial documents by providing a detailed report of the common element components, an estimate of each component’s useful lives and future replacement cost and a projected timeline for replacement. In addition, this report should provide an analysis of the association’s current reserve levels, anticipated costs per year for the next 20 or 30 years, and a projected recommendation of amounts the association should be putting into its reserve accounts in order to fund the repairs and replacements needed as each component approaches the end of its useful life. Armed with such projected numbers, an association can use a reserve study as a tool to develop its annual budget.
Say hello to connected living.
Get more control for you and your residents. Now you can set your community apart with smart living. With a Bulk Internet package and our advanced platform, you’ll enjoy property-wide smart management. And your residents will love the ability to control their locks, lighting and temperature from an easy-to-use app. It’s comfort and control in the palm of your hands.
Benefits for you:
• Allow access to vacant units for walk-throughs
• Receive alerts about detected water leaks
• Control temperature & lighting in unoccupied units and common areas
• Attract prospective residents Benefits for residents:
• Lock and unlock doors with their smartphone or assigned key fob
• Control temperature and lighting from the app
• Receive alerts about detected water leaks • Control automated home devices
Give your residents a connected living experience. Visit
xfinity.com/xfinitycommunities.
Restrictions apply. Not available in all areas. Features and ability to control connected devices may vary. Connected devices and installation of connected devices not included. NPA228873-0005
139780_NPA228873-0005 Smart Communities ad
3.5x4.5.indd 1
2/11/21 5:11 PM
A transition study is similar to a reserve study; however it is designed to evaluate the components of an association at a transition from developer-control to that of a board of directors made up of individual homeowners. This report can help an
association with legal disputes or litigation in the event that a developer left an association with structural defects and little resources to remedy them.
It is hoped that the information provided in this article will equip you with a basic understanding of the more common legal and financial-related documents your association encounter. The more familiar you are with these documents and how they pertain to your association, the better armed you are to navigate through the “maze” of association issues. Like Pac-Man attempting to evade ghosts Blinky, Pinky, Inky and Clyde, you will be able to avoid or reduce encounters with the “haunting nature” of misunderstanding, ignorance, and mistakes.
Building The
Landscape Of Your Dreams Since 1983
Services
Landscape Design Landscape Maintenance Snow Removal Ice Management Tree Care
Turf & Plant Healthcare Irrigation Services
Interested In Working With Us?
Visit
acresgroup.com Call 888.231.1300
www.cai-illinois.org • 847.301.7505 | 17
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60
