It’s that time of year again when Boards are planning for the New Year. If your Association has increased (or even decreased) its annual assessment fees for 2015, it is important that the Association follow its governing documents when providing notice of the change to all owners.
In addition to providing owners with proper notice of any change, the Association should also notify its attorney. This will help to ensure that any accounts and/or payment plans that are with the attorney for collection are properly noted, and any increase is accurately accounted for and collected.
This will also allow the attorney to take the proper measures to ensure that the Association retains the right to collect the new assessment fee against certain owners who have filed for bankruptcy.
If you have not notified your attorney that your assessment fees have changed for the upcoming year, now would be a good time!