March 4, 5, 6
Collections: “Easy” or “Hard” Way
Boards must collect delinquent payments to maintain financial stability and ensure the association can meet its obligations, funding maintenance, repairs, and essential services. If left unaddressed it can force other residents to bear the financial burden. Delinquencies can also create issues in regard to insurance and lending.
Delinquent assessments have a direct impact on your association’s ability to function and board’s have a fiduciary responsibility to act.