Understanding what is happening with your association’s delinquent accounts at Altitude Community Law is probably one of your board’s top priorities in these tough economic times.

One tool for you to use in fulfilling your fiduciary duty with respect to managing the financial assets of your association is our status report. We produce a status report for each association where we have open collection files. The purpose of our status report is to keep you informed as to the current state of each delinquent matter, the significant actions that occur on each matter and what the next planned steps are. If reviewed monthly, our status report can aid you in managing your delinquencies.

However, reports are only helpful if you understand what is included in the report, why it is included and what is not reflected on the report. Below are some helpful hints in understanding our status reports:

  • The dollars collected is updated monthly, approximately 2 days before your status reports are scheduled for printing (whether electronic or hard copy);
  • Only significant events in the life of a delinquent matter are listed;
  • You will not see, unless you request, an entry every time we touch a matter. For example, back and forth phone calls with an owner are not reflected, but the terms of an ultimate payment arrangement with the owner as a result of those calls will be on the status report;
  • Entries contain specifics such as court dates, payment amounts, judgment amounts, due dates, etc. Those are the important things to follow;
  • If there is a pending deadline/court date you will generally not see any updated entries until after the deadline/court date.
  • We will ask for information in status report such as employers, cars, etc.; if you can provide us with this information we can collect amounts significantly faster;
  • If you see we are having difficulty serving an owner let us know any and all information you have about the owner (where they work, what they look like, their patterns in terms of being at home, phone numbers, what they drive, etc.). Board members and managers generally know much more about owners than we do!

Status reports are full of details and information about your files and are an invaluable tool in understanding trends, problems and success in addressing your delinquencies. For more information about the collection process in general click here or click here to view time lines for a collection case.
More questions?  Let us help!  Call one of our collection attorneys today at 303.432.9999.

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