TREASURER’S REPORT –
KEY ITEMS REPORTED ON 5 DECEMBER 2017
Bank Accounts
·
As of the end of November, we are under our
operating budget by a little over $10K, and expect to meet our budget by the
end of the year
· We completed the transfer of our reserves account to Fidelity and purchased 4 CDs that will become mature on 6-month intervals.
· The Fidelity account and the CD purchases were made to maximize interest accrual compared to other CD investment options.
· We completed the transfer of our reserves account to Fidelity and purchased 4 CDs that will become mature on 6-month intervals.
· The Fidelity account and the CD purchases were made to maximize interest accrual compared to other CD investment options.
Delinquencies
·
The biggest issue we have with our finances is
the number of homeowners whose fee are delinquent by over 60 days.
· The total dollar amount of delinquencies over 60 days is $4,058.49, and over 90 days is $3,230.49.
· Three homeowners each have delinquent payments greater than $1,200.
· Our fee collections and lien policy was provided in your 2017 annual disclosures email.
· Consistent with the CC&Rs and California Civil Code, we have issued pre-lien demand letters via certified mail for homeowners with fees that have delinquencies that are greater than 90 days old.
· These pre-lien demand letters indicate that if payment is not received within 30 days of the date of the letter, the HOA will be recording a Notice of Delinquent Assessment Lien for the delinquent fees and additional legal fees up to $500.
· When the delinquent fees are in excess of $1,800 or more than 12 months delinquent, we are allowed by law to initiate foreclosure proceedings.
Anita Broughton,
Treasurer
· The total dollar amount of delinquencies over 60 days is $4,058.49, and over 90 days is $3,230.49.
· Three homeowners each have delinquent payments greater than $1,200.
· Our fee collections and lien policy was provided in your 2017 annual disclosures email.
· Consistent with the CC&Rs and California Civil Code, we have issued pre-lien demand letters via certified mail for homeowners with fees that have delinquencies that are greater than 90 days old.
· These pre-lien demand letters indicate that if payment is not received within 30 days of the date of the letter, the HOA will be recording a Notice of Delinquent Assessment Lien for the delinquent fees and additional legal fees up to $500.
· When the delinquent fees are in excess of $1,800 or more than 12 months delinquent, we are allowed by law to initiate foreclosure proceedings.
Anita Broughton,
Treasurer
