The new collection policy is effective May 1st, 2020, approved by the Board of Directors on April 29th, 2020. This Policy is put forth in accordance with the Memorandum and Articles of Association and the Encumbrances registered on each title for the Cougar Ridge Residents Association.
January 1st – Fiscal Year begins. Unpaid accounts are now 6 months overdue. INTEREST at the rate of 18% per annum is calculated and added to the amount owing, a title search will be completed and a CRRA DEMAND LETTER will be sent to the Registered Owner on Title via regular post. A $100 fee will be included to cover the cost of the demand letter and a $35 fee for obtaining the Title search and associated administrative fees. The Member Registry Roll will be updated with the current owner’s information. The DEMAND LETTER will state that payment is required by January 15th.
January 15th Last attempt letters sent for overdue accounts.
January 31st Mortgage Letters [if applicable] sent for properties that are still overdue.
February 10th At the Board’s discretion, unpaid accounts are turned over to Legal for further collection, including foreclosure if necessary. All legal costs billed back to overdue accounts.
May 1st, invoices detailing the Annual Rent Charge (FEES), plus applicable taxes including GST, are sent out to Members with Payment DUE DATE June 29th of the same year. The fees cover the fiscal year – January 1st to December 31st. Any overdue accounts are charged INTEREST at the rate of 18% per annum at this time.
June 29th – ANNUAL FEES DUE. If payment is not received, PAST DUE Statements issued.
August 31st PAST DUE: SECOND NOTICE Statements issued. There is a $45 charge for this.
October – AGM – New Board of Directors Elected.
December 31st – Fiscal Year ends.
Accounts that remain unpaid are subject to further collection by the Cougar Ridge Residents Association’s legal counsel, including foreclosure on the property; all legal and collection costs are charged back to the owner. Foreclosure proceedings are initiated at the instruction of the Board of Directors.
Cheques are made payable to the COUGAR RIDGE RESIDENTS ASSOCIATION.
It is each member’s responsibility to ensure that payment clears their bank accounts and their account remains in good standing.
Tenants of rental properties should check with their landlords regarding CRRA fees if they are uncertain who is responsible for paying the fees.
Annual Fees are to be made Payable to the Cougar Ridge Residents Association
Payments are received by the Management Company:
First Service Residential
Suite 1100, 840 – 7th Avenue SW,
Calgary, Alberta T2P 3G2