03 Dec Coupons and Proxies and Policies: Year-end Association Mailings (Part 1)
Each year homeowners receive a packet of information from their association and immediately scramble to locate the one thing they’re truly interested in –
How much is the assessment going up next year?
This single bit of data is accompanied by other documents that are just as important but don’t always get the attention they deserve. At least, that is, until there’s
a late payment or
a desire to remodel the front yard
and suddenly you’re digging for a phone number in order to gather the relevant information from the association.
Many homeowners can’t attend quarterly board meetings; enter the annual coupon booklet, or statement.
When you log into your bank website to change the dollar amount of the automated payment, take the time to confirm the mailing address, account number and frequency of payments. A change in management company, or a change in association bank, may require you to update this information and you could incur late fees if your check is mailed to the wrong location.
A routine complaint from some homeowners is the expense related to sending so much material through the U.S. Post Office each year. The answer is two-part:
1 – not everyone is online
2 – CCRs or state law may stipulate that certain documents are mailed through the USPS a minimum of once a year
The board of directors and management company put a great deal of effort into compiling the association year-end mailing. Taking the time to read and review the information is a simple way to make yourself aware of important changes to the community.