New Collection Policy – Effective May 1st 2016

CRRA Collection Procedures Policy

Effective May 1st, 2016 

The first year the fees are due, the following process is used:

  1. Invoices are sent out to Owners in May with payment required by June 30th of the same year (net 30 days). The fees cover the fiscal year – January to December.
  2. If payment is not received by September 1st (4 months following original invoice date), a statement including interest is sent out to the Owner with the stamp: PAST DUE.
  3. If payment is not received by November 1st (6 months following original invoice date), a CRRA letter is sent out to the Owners, including a statement showing the arrears with interest and a $30 collection charge.

If the fees were not collected for the previous year, then in the second year the following process starts:

  1. In January (8 months following original invoice date), a Demand Letter is sent to the Owner requiring payment in full of arrears and interest charges. Management Company administration cost for Demand Letter is charged back to the Owner’s account.
  2. Annual invoice sent out in May with the new fees and outstanding balance from previous year(s) due by June 30th.
  3. On September 30th, if payment is not received, a statement of account is sent to the Owner advising of total amount past due. Past due interest is charged as per CRRA Articles of Association and a $30 collection charge is posted on the owners account.
  4. November 1st, a Demand letter is sent from Scott Venturo, legal counsel for the CRRA, with all costs charged to the Owner.
  5. If payment is not received by January 1 of the third year, Foreclosure proceedings are initiated. All legal fees are charged back to the Owner.

 

Annual fees should be made payable to the Cougar Ridge Residents Association and mailed to the Management Company: Accredited Condominium Management Services Ltd. (ACMS) Suite 8, 11010 46th Street SE Calgary, Alberta T2C 1G4.

Should you have any questions or concerns, please contact nathalie@acms.ca