HOA Account
Anyone know why out of state HOA management accounts are all located in AZ?
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P Veldt;
I’m not exactly sure what you are talking about? Arizona has management companies that are based here only as well as national or multistate companies who also work in Arizona. If you are talking about banking account, I’m not aware of any out of state Common Interest Community that does it’s banking in Arizona. That simply does not make sense to anyone. Again there are multistate banks that have branches in many if not all states, but that does not mean that out of state money is deposited in Arizona banks.
If you could be a little clearer about what you are looking for maybe I can answer your question?
Thank You
Dennis
Agreed, doesn’t make sense. However, it occurs and numerous out of state hoa management franchisees require funds to be deposited in a national bank in AZ. The FDIC only tracks the summary of deposits in AZ ,not from where these funds originated. I understand the HOA reporting requirements to be minimal in AZ, and suspect is why AZ is the state of choice. I also see this as a way for an out of state franchisor to avoid state tax.