Q: How is the amount of my assessment determined?
A: The Board of Directors, in close collaboration with the management company, develops an annual budget based on historical expenditures, expected future expenditures, and planned contributions to operating and capital reserves. The reserves are necessary to pay for major expenditures that can't be expected to be paid from monthly operating capital. The assessments are calculated based on the planned budget for the upcoming year. The board works hard to maximize services and minimize assessments.
Q: What happens if I don't pay my assessment?
A: The Association relies on the timely payment of assessments to pay for current expenses. The CC&R's allow the Association to charge late charges and interest and proceed with a lien on your property, or foreclosure proceedings for nonpayment of assessments. Please pay your assessments on time. If you are having problems, please contact PineCreek@ehammersmith.com or 719-389-0700.