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2019 Annual Statements
Posted on Mar 10th, 2019
HOA statements are arriving and there seems to be some questions which we hope to clarify here.
Am I late because the balance shows up as 30-61 days?
No, your payment is not late. As stated at the bottom of the statements, Association assessments are due by March 31, 2019. After March 31st they will be considered late. Per the DOR, annual assessment will accrue as of January 1 of each year and will be due and payable on or before February 1 of that year or such other date as may be established by the association. The 31-60 days section of the invoice does not mean they are late. It just means that amount occurred that many days ago on January 1. The way the statements were prepared, with the January 1 date that your DOR lists as the date accrued, causes the balance to show up there even though it is NOT late.
Why are the statements coming out now rather than earlier?
To save postage for your Association, statements are not mailed until the annual report is prepared. The bylaws require an annual report as of the end of the Fiscal Year to be distributed to all Members. Thus all statements, bills, etc for the previous year need to be received and reconciled. Then the final report is prepared and sent with the statements and new budget. The 2019 Annual Financial Report was completed on 1/31/2019, documents were approved by the Board on 2/12/2019 at the board meeting, and then statements were prepared and everything mailed by the management company in one envelope.