HOA Fee Statements

Started by AdamM • 6 replies • 2337 views

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AdamM (Utah)
Posts: 13

Posted:

Hello everyone,

We have had a few homeowners ask us to provide monthly statements for their HOA Fees.

With 160 units it would cost a lot to send out monthly statements.

Anyone out there do this or have any other ideas?

Thanks ahead of time.

Adam

RogerB (Colorado)
Posts: 5,067

Posted:

Adam, I recommend sending out regular assessment statements on a bi-monthly, quarterly, semi-annual, or annual basis and monthly statements on delinquent accounts. This will save on accounting time (MC cost) as well as mailing and printing costs. I do not recommend use of coupons/with checks mailed to a bank. This is used by large MCs because it saves them time and money. But it increases the HOA's costs and can result in a significant decrease the HOA's investment yield.

BrianB (California)
Posts: 2,820

Posted:

we have been asked to do that as well, and we give several replies:

We will send you an annual statement. Pay it once per year, and you are done. If you wish to pay in monthly installments, that is your option, but no further reminders will be sent. You owe the entire amount on time.

If you wish reminders, please provide the bookkeeper with 12 pre-stamped, pre-addressed envelopes or postcards. they will be sent to you each month in advance of the due date as a reminder.

If you wish, a special service can be arranged, for a fee of $10 per month, for the book keeper to send you a mail reminder and a phone call one week in advance of the due date. Contact the book keeper for this paid service.

Lastly, you can write 12 checks and post date them. The book keeper will submit your check on time each month, and you will not have to worry about late fees.

of the four options, the only one anyone does is the multiple checks.

Basically, people want to be lazy, and want someone else to do their work for them. But not enought to pay them for it.

JulieS (Georgia)
Posts: 412

Posted:

We send statements to those with a balance due, primarily as a reminder that they still owe and that another $10 has been added that month to the amount they owe (along with the initial late fee).

JoyH (North Carolina)
Posts: 14

Posted:

Coupon books (12 coupons) are only $1.95 through South Data and you can have the monthly payments sent to the appropriate institution that should receive your payments. It's cheaper than sending monthly statements or reminders.

RogerB (Colorado)
Posts: 5,067

Posted:

Joy, are you aware of which financial institutions will accept coupons and payments. Do you know what the total cost to the HOA involves?

HaroldS (Arizona)
Posts: 906

Posted:

Banks today have such outrageous fees for everything. A small general accounting service would probably be a better choice. Harold

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