April 12, 2016
As April 15th approaches, many Michigan residents are reviewing various sources of gross income, tax credits and tax deductions in order to prepare individual or joint income tax returns. In addition to personal income taxes, newer directors may be unaware that their condominium or homeowners’ association is also required to file federal income taxes on an annual basis. For the…
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March 4, 2016
Introduction A well-run condominium can be thought of as having two components: (1) physical assets, which are the buildings, structures, and grounds on which the condominium is located; and (2) financial assets, which are the funds necessary to maintain the condominium’s physical assets. So long as the financial assets are adequate to meet the maintenance needs of the physical assets,…
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September 4, 2015
The main difference between additional assessments and special assessments is often that the co-owners are required to vote to approve special assessments, whereas the board of directors typically can levy an additional assessment without co-owner approval.
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January 26, 2015
Given the benefits of FHA certification, each condominium in Michigan should consider whether it is eligible for FHA certification and, if not, what steps the condominium association should take to become eligible for certification.
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January 19, 2015
The Michigan Condominium Act was amended in 2014 to impose additional requirements on condominium associations with respect to financial record keeping and encourage transparency.
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