Daybreak News

Daybreak Did You Know: Assessment Collection Fee Resolution

Tuesday, March 13, 2018

by Sarah Andrews

Daybreak Did You Know: Assessment Collection Fee Resolution

Daybreak Did You Know...

Those of you who pay your quarterly HOA assessments on time carry an extra burden due to other Daybreak residents being delinquent on their assessments. The staff at the Daybreak Community Association works diligently on the collection of assessments and administers policies that promote residents to pay off assessment balances. This ensures HOA costs are shared in a fair and equitable manner among all residents.

 

Specifically, the policies referenced are those outlined in the Daybreak Community Association Assessment Collection and Enforcement Policy. This policy exists to provide a uniform, fair and consistent method for collecting assessments and is a strong management tool to ensure the overall financial health of the Association.
 
Although the percentage of delinquent accounts in Daybreak is relatively low compared to the national average, these outstanding balances can total around $250,000 in a community the size of Daybreak. As a result, the Association takes a very aggressive approach to fulfilling our fiduciary responsibility to Daybreak residents.
 
While some homeowners have the ability to pay off their delinquent balance immediately, there are those who are not in a financial position to be able to pay off their delinquent balance in a timely manner. For these residents, the Homeowners Association can establish payment agreements to help pay off their balance on a realistic timetable.
 
Beginning April 1, 2018, the Daybreak Community Association will begin charging a fee to Daybreak residents who are participating in payment agreements. Fees include an initial charge of $45 and an additional $10 per month for the management of the agreement. You can find more detailed information about the fees in the Daybreak Community Association Collection Fee Resolution.
 
In 2018, the Daybreak Community Association will be exploring other options to further strengthen the financial health of the community including credit bureau reporting for delinquent accounts. All of the current policies are available anytime by visiting our website at www.livedaybreak.com, under the Daybreak Community Association tab. For your convenience, we have included links to them below. We encourage residents to stay tuned for updates or call the HOA for more information.