Each unit owner or household is charged a regular Association fee, payable semi-annually (twice per year). The modest income is used in three ways:
- To provide basic services (e.g., common grounds maintenance and repairs, snow removal, professional management).
- To cover routine administrative costs (e.g., legal and accounting, insurance, printing and postage), and
- To build the Association’s financial reserves to offset future capital expenses (e.g., replacement of roads and streetlights).
PAYMENTS ARE DUE ON JANUARY 1 AND JULY 1. Please plan accordingly. Your payment should be received on or before the respective due date. It is considered late the following day.
THERE IS NO GRACE PERIOD. The time between the due date and the assessment of a late charge (see below) is to allow for such things as mail delays, weekends and holidays.
If your payment is not received in full by the 15th of the month, an automatic late charge of twenty-five dollars ($25.00) will be assessed to your account. You will also be charged an additional $20.00 per month for each month your account remains delinquent, plus collection costs.
We do not consider the postmark date. The date your payment is received at the bank lockbox is the date we use to determine whether a large charge is assessed.
Special assessments may also be levied by the Association and are due upon notice. Examples include fines or other penalties, and member contribution for unanticipated capital improvements.