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Treasurer reports $291,000 on hand; board continues collections on delinquent assessments
Summary
The treasurer reported roughly $291,000 across accounts, monthly expenses near $17,000 and assessment income of about $27,000 (roughly $11,000 of which came from delinquent payments); the board discussed collection timelines and hardship payment plans.
The treasurer told the board the association has approximately $291,000 in cash across accounts and outlined recent assessment income and collections activity. He said the assessment receipts for the month totaled about $27,000, noting $11,000 of that represented payments on previously delinquent accounts, and monthly outlays ran about $17,000.
Members discussed collection practices and payment arrangements; the treasurer said many owners are arranging payment plans and that the board continues to send letters to delinquent owners. One member suggested the association expects the bulk of dues within the first 90 days of the assessment cycle and that revenues typically taper later in the year.
Quote: “We've got $291,000, cash on hand, total, our our different bank accounts,” the treasurer said.
What’s next: The board will continue collection efforts and pursue audits to reconcile accounts; members debated starting an audit immediately or waiting for aggregated fiscal-year materials.
