Assessments are annual obligations due to the Association by each Member. Assessments are most commonly payable in equal monthly installments; however some associations elect for quarterly or semi- annual payments.
Members may pay their entire annual assessment at once even though monthly or quarterly installments may be available. Discounts for “lump sum payment” is typically not offered, but ask about your specific Association’s policy. Automatic Deposit (ACH) Service is available to most Associations; contact Management’s accounting office for more information.
Assessments have a “due date,” the date upon which payment should be received (not mailed, received!). Some associations offer a “grace period”; policies vary from 10-15 days. Again, check on your Association’s policy. The last day of the grace period becomes the “delinquency date.” All accounts having a balance after the grace period are delinquent and are assessed a “late fee,” a fee charged automatically to all delinquent accounts to offset the additional expense the Association will occur in handling a delinquent account.
Have extenuating circumstances that warrant a waiver of the late fee? You MUST write a letter to the Board, requesting consideration of a waiver, giving an explanation of the circumstances. Management is NOT empowered to waive your late fee; decision-making authority is given only to the Board of Directors. Send your letter (or email) to Manage- ment; it will be presented to the Board at it’s next meeting. The decision of the Board will be communicated back to you following the meeting.