Spring has sprung and with the onset of warm weather, many communities are excitedly preparing for fast-approaching community pool openings, which generally occur on the first weekend of May or over Memorial Day weekend for some.
Along with the exciting aspects of pool season come some less fun, but very necessary, costs that community association boards have to incur to ensure the safety and satisfaction of community members: pool maintenance, lifeguard costs, higher utility bills, to name a few.
But, how does your association collect funds for these necessities while avoiding any disruption or encountering special assessments? With proper planning and understanding of your community’s collections process.
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If your community association board understands your community’s collections process, tackling these tasks becomes much easier. But, there’s a lot to consider.
In addition to the details of the association’s governing documents, there are also those ever-changing state statutes and federal laws that impact the collections process that board members need to be mindful of as well.
With so many rules and laws to consider, it’s always a good time for community association board members to brush up on the best practices of collections when given the opportunity.
That’s why Associa Carolinas is hosting “Collections Do’s and Don’ts” — a free HOA board seminar on Thursday, April 14th with Charlotte-based attorney Chris Gelwicks of Horack Talley. Here are just a few issues Chris will address in this free seminar:
- Does your community pursue collections as a means of withholding amenity access like the pool or fitness center? Can they or should they?
- Do your governing documents allow for this?
- Is there a delinquency policy in place and is it consistently applied?
- Are you aware of various collections actions that your board of directors should or shouldn’t take--especially as late fees begin to accrue after the 1st quarter?
Understanding how to appropriately collect funds from homeowner assessments to put toward community expenses ensures that your neighbors can continue to enjoy the perks that make your community a great place for residents without the risk of special assessments.
Join us at our upcoming event and arm yourself with knowledge so that you can enjoy some fun in the sun without sweating the details of your community’s collection process.
ABOUT THE AUTHOR
Melissa Merritt-Darden is the Vice President of Associa Carolinas.
Let Melissa help you strengthen your community association board!