If left unchecked, delinquencies can become a big problem for your association. It isn’t unusual for someone to miss a payment or two, but when left unaddressed these debts can swell and cause major (but not irreparable) harm to your community. Collecting HOA delinquencies from your neighbors can be an uncomfortable task but allowing dues to go unpaid out of some misguided sense of kindness will only make the problem worse. The accounts receivable of a community association should be available to all owners, and if it gets out that someone isn’t pulling their weight, tensions can rise.
AN OVERWHELMING NUMBER OF COMMUNITIES RELY ON OUTDATED ACCOUNTING PROGRAMS AND BILLING PRACTICES THAT RESULT IN FAULTY LEDGERS.
Are your community association ledgers being kept properly? Are they in good enough order that you would sit in a courtroom and swear under oath that they are accurate? If you have any doubt here are a few pointers that may help keep your ledgers in good order.
Continue reading “ARE YOUR COMMUNITY ASSOCIATION LEDGERS ACCURATE?”
Community association Collections or for that matter any debt that is delinquent often deteriorates into a bitter cycle of pain. The property owner may fall into hard times and cannot afford their payments due to unforeseen consequences, and an unfortunate process begins. First, there is the courtesy notes from the association and then if that fails to result into a payment the matter is sent to either an attorney or community association collection agency for action.