2016 Assessments to be requested early.
As you are most likely aware, our Association took on one of the most, if not the most ambitious project in our history, the complete renovation and revitalization of the pool, and a significant renovation to the pool facility and clubhouse. This project was taken on as the pool had reached a state of disrepair that it was no longer safe, so we either had to make the repairs, close the pool until the repairs could be made, or shut down the pool permanently. The project was a success and our pool is now up to code and one of the nicest pool facilities in the city.
We were able to take on this project without incurring debt, which was a significant accomplishment. However, we have encountered a number of other unanticipated expenses and now find ourselves in a situation where available funds will likely be exhausted by September this year.
The only significant source of revenue for our Association is the annual member assessments. Normally, we would send out the assessment letters in November, so we receive most of our revenue in December. By asking the membership to pay their 2016 assessments earlier, we can receive revenue early enough to help us through this situation and avoid needing to incur debt.
The annual assessment for 2016 will be increased to $215.00 (the 2015 amount was $205.00). Those willing to pay their 2016 assessment prior to October 1, 2015 will be assessed at the 2015 rate ($205.00) for 2016. Those paying their assessments after October 1, 2015 will be assessed at the 2016 rate of $215.00. You can split up your payments, for example, pay $70.00 in July, $70.00 in August, and $65.00 in September, but the full amount of $205.00 must be paid by October 1, 2015 to qualify for the reduced assessment rate. All payments postmarked on or before October 1, 2015 will be credited to the member’s account and considered eligible for the reduced rate.
You will be receiving a letter soon requesting you pay your 2016 assessment as soon as possible and instructions for where to send payments. Please follow the instructions carefully to ensure your payment is properly credited to your account.
Please consider assisting your Association by paying your 2016 assessment early this year. Thanks!
