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The Coral Ridge Commercial Condo Association Accounts Receivable Aging Summaries are pictured below. These reports show the aging status by owner of Maintenance Fees, administrative Fees and interest. Because of the way G. F. Business Services (the CRCCA Book Keeper) Quick Books logs entries, negative numbers indicate moneys paid in advance and positive numbers indicate moneys owed. If your name does not appear in the reports, your obligations to the Association are current. The previous Board (on April 15, 2005) initiated a new schedule for late fees and penalties. Documentation for this action may be reviewed by clicking on the “Notices” tab found on the left margin of this page.
Maintenance fees are due the first of the month. By action of the previous board (2005-2006) fees received later than the first of the month are subject to a $15 late fee after 10 days. By action of the same board, maintenance fees are subject to an additional $45 penalty if fees are outstanding past 25 days. The late fee and penalty accumulate monthly for any outstanding balance.
In 2007 the present Board (2006-2008) determined not to assess late fees until sufficient tracking data were accumulated using our present book keeper, G.F. Business Services. All fees were assumed to be current and zeroed out beginning Jan 1, 2006. The present Board (2006-2008) now has sufficient data to make reasonable judgments regarding the current status of maintenance fees by owner using this A/R Aging Summary Report and the CRCCA Maintenance Fee Balance Summary (see CRCCA Owner Open Invoices - click on tab to left). The issue of managing late fees and underpayment of maintenance fees was resolved at the 2008 Annual Members’ / Election Meeting. The owners of CRCCA unanimously approved a restructuring of the Association documents that included a directive that the Board, after written notice, place a lien on the units of any owner who exceeds six months aging in nonpayment or exceeds $500.00 in debt owed to our Association. Language referring to “Late Fee” was changed to “Administrative Charge” and “Penalty Fees” were dropped substituting “Interest payment of 18% per annum.
The A/R Aging Summary is presented below. Owners who are current with all payments are not listed in this report. Note the owners paid in advance (Paid Ahead = Negative Numbers). Unfortunately the owners behind in payments (unpaid maintenance, administrative fees, interest charges = positive numbers) and the outstanding dollars owed to our Association are beginning to accrue to levels approaching the proposed legal action threshold for some owners.
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