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Procedures

MONTHLY

  1. Receive and deposit maintenance checks weekly.

  2. Balance checking accounts between the tenth and fifteenth of each month. (as we receive statements from the bank).

  3. Pay bills by the tenth of each month or when due.

  4. Review accounts and mail delinquent notices between the fifteenth and the twentieth of each month.

  5. Monthly financial reports are mailed to the Board of Trustees.

ANNUALLY

  1. Mail end of year statements  for previous year. (January)
     
  2. Make sure all corporate taxes are prepared and filed. (February) 

  3. Review and request new bids where necessary for landscaping, snow removal, etc. (September and October) 

  4. Prepare estimated budget for upcoming year based on board approval of contracts. (November) 

  5. Mail proposed budget for upcoming year. (December) 

COLLECTION PROCEDURES

  1. First Month -
    All fees are due on the first of each month. A late notice will be mailed for all fees received after the fifteenth and before the twentieth of the month to those accounts having a late charge.
     
  2. Second Month -
    After the fifteenth of the month, a strong reminder is sent, from our office, on any account two (2) months past due.
     
  3. Third Month -
    On or right after the fifteenth, a letter is sent from the Association’s attorney, requesting payment. (The cost is charged to the resident.)
     
  4. Fourth Month -
    At the fifteenth day of the fourth month, with Board approval. Legal proceedings are started. These could include filing a lien or filing for foreclosure.
     
  5. Fifth Month -
    On the fifteenth day of the fifth month, foreclosure filing begins.