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Maine Alliance for Road Associations

RA Checking Account Recommendations

  • 01 Aug 2025 4:12 AM
    Quote
    Message # 13527114
    Anonymous member

    We are forming a RA and I need guidance on collecting monthly Association fees.

    1- How have others resolved collecting monthly fees for a future large road maixtenance project

    2- Recommendation to opening a checking account with multiple owners

    3- Is Quickbook invoicing recommended for monthly collection?

    Looking forward to the insight and experience of others.

    Thank you.

    Bill Bennett
  • 02 Aug 2025 9:04 AM
    Quote
    Reply # 13527537 on 13527114
    Anonymous member

    The checking account is in the name of the association, with its own Tax-ID; two officers are signers for the account.

    We assess annually. Unless the number of owners is very small or the assessments are very large, billing and tracking payments monthly seems like an awful lot of work. 
  • 06 Aug 2025 1:24 PM
    Quote
    Reply # 13528944 on 13527114
    Anonymous member

    Thank you very much Jacquline.

                            The Maine Alliance for Road Associations


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