Collections Resources

Introduction Assessments are the life blood of community associations. The Board of Directors has a fiduciary duty to collect assessments from owners. If the Board of Directors fails to fulfill its fiduciary responsibility to ensure assessments are received from all owners in a timely manner, it will in many instances be unable to carry outGo to Resource

Now that the economy is officially in a recession, there are a number of ways that an association can prepare for the inevitable increase in delinquent assessments so that the impact on association revenue is minimized.  The following are steps every board should consider taking. Adopt a formal collection policy.  Adopting a formal collection policyGo to Resource

In the Association context, the term “Declarant” usually refers to the developer of the community. While the project is being developed, the Declarant is responsible for the management of the Association. Also, the Declarant initially holds the voting rights and appoints the first Board of Directors. When the Declarant is finished building the community andGo to Resource