budget-calculator-23534056The Budget Committee oversees all aspects of the monies for the Association.  The Treasure or Budget Coordinators duties are:

  • Collect and deposit all monies into the Associations bank account.
  • Disperse funds as directed by the Board of Directors.
  • Sign all checks and co-sign all promissory notes.
  • Keep books of account.
  • Create quarterly budget report.
  • Prepare annual budget.
  • Create and disperse yearly payment books or monthly billing statements.

It is also the duty of the Budget Committee to follow the Assessment Collection Policy.  These are the rules that guide the Association in the collection of dues and the application of fees and interest as described by the Collection Policy.  The Policy is as follows:

Mailing of Assessment Billing Statements

Monthly billing statements will be prepared and mailed 7-10 days before the beginning of each month for any homeowner with a balance due, and to all homeowners for the beginning of a new year. The beginning of the year statements will be mailed by December 20th of the preceding year by the Association or the designated managing agent.

Annual Assessments

The annual assessment is $180.00 per year per lot.  The annual assessment shall be collected on a monthly basis ($15.00 per month). Monthly installments of annual assessments (“dues”) are due and payable on the first (1st) day of each month.

Late Fees

 If full payment of monthly dues is not received by the last of the month, then a late fee of $5.00 will be assessed.  Late fees are due and payable as soon as they are incurred.  Late fees will apply to the month of the late dues payment only.  Partial payments of monthly dues shall be considered late under this policy and a late fee shall be assessed on the last day of the month unless monthly dues are paid in full within the deadline.

Interest

 Interest will be charged on total dues due as of the last day of the month.  Interest will be accrued at a rate of 1.5% per month (18% per annum). Interest will accrue from the due date of the assessments.  Interest is due and payable as soon as it is incurred.

Application of Funds Received

All moneys received by the association will be applied to amount outstanding to the extent of and in the following order as instructed in the Texas Property Codes Chapter 209:

  1. Any delinquent assessment.
  2. Any current assessment
  3. Any attorney’s fees or third party collection costs incurred by the association associated solely with assessments or any other charge that could provide the basis for foreclosure.
  4. Any attorney’s fees incurred by the Association that are not subject to Subdivision (3).
  5. Any fines assessed by the Association

Ownership Records and Notices

All delinquent notices and communications will be directed to those persons shown by the associations’ records as being the owner of the property for which assessments are due and will be sent to the most recent address of such owner, solely as reflected by the associations’ records.  Any notice or communication so made will be valid and effective for all purposes pursuant to the declaration and this assessment collection policy until such time as there is actual receipt by the association of written, or other acceptable notification to the association, of any change in the identity or status of such owner or its address or both. It is the sole responsibility of the owner to inform the Association of any change to contact information.

Late Notices and Liens

The association, at its option and within its sole discretion, may send notices to delinquent owners at 3 month intervals.  At $100.00 delinquent a Notice of Assessment Lien may be sent for payment in full of all outstanding dues, fees and interest.  If payment in full is not received within specified time as stated in notice (no less than 10 days) a lien will be placed against owner’s property and a $98.00 lien filing fee will be charged to the delinquent owners account.  The lien filing fee is a cost of collection and per the terms of the Declaration, not only the personal obligation of the owner, but also secured by the assessment lien.

Foreclosures

Judicial and non-Judicial foreclosures require the approval of the Board and will be handled on a case-by-case basis.  The Board will vote to proceed with foreclosure.

Handling Charges and Returned Checks

In order to recoup costs incurred because of the additional administrative expenses associated with collecting assessments, collection of the following fees and charges are part of the Association Collection Policy.

  1. Any handling charges, administrative fees, postage, or other collection costs or expenses incurred by the association in connection with the collection of any assessments.
  2. A payment check that is returned for any reason (Non-sufficient funds (NSF), Closed Account, etc.) will result in a charge of Thirty Dollars ($30.00) assessed to the Owner’s account.

Payment Plans

If a member is in arrears on dues owed to the association, a payment plan may be entered into with the member.  However, the following rules apply to all payment plans.

  1. The management staff may approve plans for two years or less. Any and all payment plans longer than 2 years must be approved by the board.
  2. All payment plans must be in writing and signed by the delinquent owner.

Please view the payment plan policy for further information.

Policy

The Association, through the board of directors, reserves the right and is willing to work with delinquent owners via payment plans and to consider legitimate hardships and other circumstances.

Resale Certificate

A resale Certificate will be supplied within 5 days, upon receipt of request. The charge for a resale certificate is $275.00. Payment for the resale certificate will be collected at closing along with any delinquent/advance dues payment.