The 2014 Regatta Estates Homeowners Association dues need to be paid in full by August 1, 2014. The 2014 budget was created by the Board of Directors with the assistance of the newly hired management company. While there was much opposition from the membership, contracts had already been signed by the Board with the management company and with a new landscaping company. Amid much discussion, the budget was accepted at the April 30, 2014 general meeting. In order to cover the management company and landscaping contracts, the 2014 dues were increased from $250 to $485.39.
In a closed meeting, the Board approved a “one-time” payment plan option. The annual assessment may be paid in one lump sum (payable on May 15th), or it can be split into two payments. If a homeowner chose the split payment plan, the first payment of $250.00 was due on May 15th, and a second payment of $235.39 is due by August 1, 2014.
Per the May 15th, 2014 letter from the management company, ”A late fee of $25.00 may be assessed if payment is not received by the fifteenth (15th).” The letter also states “An administrative fee of $12/month may apply as it relates to review, notification, and collection of delinquent assessments. An administrative account review fee of $12/month may apply for accounts that are referred to an attorney or to a collection agency for action. Late fees and administrative fees may be assessed monthly on any unpaid balance.”