Policy Example: Finances - Late Condo Fees

 
  1. FINANCES - LATE CONDO FEES (orig 2/11/95; last revision by Finance Committee 2/17/01)
    1. Condo fees are due on the first of the month The grace period ends on the 15th of the month. The finance charge on late condo fees is 14.5%, with a minimum charge of $5. The finance charges can be avoided by arranging a payment plan with the bookkeeper before the end of the grace period. If there is no payment plan, the 14.5% finance charge is charged from the due date. [Generally don’t charge the %, just the $5. Don’t charge late fee for small amounts]
    2. If any owner falls 2 months behind in their condo fees without establishing a payment plan with the Finance Committee, the Finance Committee will schedule a discussion at the next available General Meeting to tell the other owners who is behind an by how much and to discuss next steps.
    3. If any owner falls 4 months behind in their condo fees without establishing a payment plan, the Finance Committee will schedule a discussion at the next available General Meeting to tell the other owners who is behind and by how much, and to discuss next steps.
    4. If any owner falls 6 months behind without a payment plan, the Association will put a lien on the owner’s property and take appropriate legal action to recover the money owed.

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