Late Charges - Homeowner Associations
Unless the CC&Rs of a homeowner association provides owners more time to pay, assessments are due on the first day of each month and are delinquent if not received by the 15th day of the month. Courtesy billings are provided to each owner before the 25th the day of the prior month. Payments received by mail on or just before the 15th may be deposited after the 15th, but they are logged in when received and no late charge will apply.
Unless the CC&Rs specify a lower amount, late charges are 10% of the delinquent assessment or $10.00 whichever is greater. In addition, after 30 days, interest accrues at the rate of 12% per annum on amounts past due.
Most homeowner associations operate on thin budgets and need every assessment to be paid timely in order to pay their bills and avoid late charges from utility companies, insurance companies and others.
Please be advised that the management company does not have the authority to waive late fees. Also, no one board member has the authority to waive late fees. Only a majority of the entire board acting at a noticed board meeting has the authority to waive late fees. Note that boards are extremely reluctant to waive late fees because they have a fiduciary duty to treat all owners equally.
If you believe that you have sent a check that was not credited to your account, please provide us with a copy of both sides of the check.
If you have incurred a late fee and want to appeal to the entire board for a waiver, you must send your request and explanation to the management company. It will be promptly sent to every board member for their review and consideration at the next scheduled board meeting.
Nationwide Accounting Services