Financials

Budgeting Process

Dues and Assessments

Financial Reports

Miscellaneous Fines and Penalties

Dues and Assessments

The Board of Trustees may levy Special Assessments upon approval of the members, in addition to the regular dues in order to pay for projects.

The first statement of dues payable is mailed about January 15. One-half of the Maintenance and Operations (M & O) dues and all of the Water Assessment is due 30 days after receipt of the January bill. The remaining half of the M & O dues is due by July 1. A statement on overdues is sent every two months which includes interest and a rebilling fee.

Delinquent Accounts and Interest Charges
When an account becomes delinquent, the Treasurer will notify the delinquent member by letter of the delinquency and that a lien will be recorded against the delinquent member’s real property within Ponderosa Estates if payment is not received, or satisfactory arrangements for payment not made.

Payment Arrangements
“Satisfactory arrangements for payment” means equal, periodic payments sufficient to pay off the delinquent account’s balance, including interest, before the next billing cycle for that account. Unless the member specifies otherwise, payments on delinquent accounts are to be credited first to Water fees/penalties, next to Special Assessments, and last to Maintenance & Operations Dues.

Interest
Delinquent accounts will be charged interest at the rate of one percent (1%) compounded monthly (annual percentage rate of 12.7%) and will be billed each thirty (30) days until satisfied.

Rebilling Charge
A rebilling charge of five dollars ($5.00) will be assessed to cover the costs of setting up each delinquent account. Separate delinquent accounts will be established for Maintenance & Operations Dues, Special Assessments and Water fees/penalties, respectively.

LIENS AND FORECLOSURES
Liens
Ninety (90) days after the billing date, a lien will be recorded against the property for dues, assessments, fees, fines, penalties, and costs of collection and filing fees, when an account has not been paid, or satisfactory arrangements for payment have not been made with the Board of Trustees. The Treasurer will notify the delinquent member by letter when a lien has been recorded. The letter will include details of the next step that can be taken (foreclosure) and the effects of a foreclosure action.

Foreclosures
Foreclosure proceedings will be commenced against the property when the Board of Trustees concludes the amount to be recovered is worth the expenses of foreclosure.

Suspension of Liens and Foreclosures
The Board of Trustees may suspend recording of liens and/or initiating foreclosure action as long as satisfactory arrangements for payment have been made, and are being complied with by the member.

Quarterly Treasurer’s Report
The Treasurer will provide a written report to the Board of Trustees at the end of each fiscal quarter providing the totals (by age-date) of outstanding delinquencies, the totals (by age-date) of recorded liens and the status of individual foreclosure actions, including amounts to be recovered and costs incurred to date.