Madison @ Park West

Property Clean Up

2012-01-27T04:27:00.001-08:00

Over the next couple of months we will be trimming shrubbery, pruning trees and treating the turf. We want to make sure when spring arrives Madison shines! If you see an area that needs attention please let Craig or Dianne know. We'll address those areas promptly.

2012 Assessments

2012-01-11T04:55:00.000-08:00

By now you should have received your new coupon booklets and made your January payment. If you did not receive your booklets, please contact our office as soon as possible. Please remember you can make your payments online by setting up eCheck or by setting up ACH. You can contact our office for additional information on these options. We would also like to remind you that all payments must be received and posted by the 5th of each month.

Your Board and your Association documents require the application of fees when payments are not made on time, regardless of the reason. The Documents created a DUE DATE and your Board grants a grace period, which ends in a “late after” date. Coupon booklets were sent out several weeks ago and our office is REQUIRED to apply fees by the directive of your Association and your legal documents. We are not authorized to remove them and your Board will not either since they have to be fair to all owners – to reduce your balance, they would be obligated to reduce everyone’s. Their grace period is very reasonable. SC Law provides that the bill was delivered if postage was applied and the statement (or coupon book) was put into the mail.

It's Tax Time

2012-01-11T04:31:00.000-08:00

Associations are considered corporations and whether or not they have income, they must file taxes. Associations must file a federal return within 75 days of the end of its fiscal year. That means March 15th, not April 15th. It is important for managers to know what the fiscal year of the association is. Does it end on December 31st or perhaps in another month?

What’s taxable? Investment income or interest over $100 and income from nonmembers who rent the association’s facilities, such as clubhouses. Any income from per-use or per-month fees, which can include the incidental rental of the association facilities, paid by members of the association are taxable. Fees that members are charged annually are not taxable.

Taxes are a complicated subject and it is important to use a tax preparer that is familiar with associations. If you have any questions regarding your association’s taxes, contact your association manager. They will be happy to assist!