Tag Archives: Collection

Collection Policy 2019

The new collection policy is effective May 1st, 2019 and was approved by the board on April 9th, 2019. 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 prepaid registered post. A $100 fee will be included to cover the cost of 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 of18% 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.

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
(855) 266-3601

New Collection Policy – Effective May 1st 2018

CRRA Collection Procedures Policy

Effective Date: May 1st, 2018

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.

  1. May 1st, invoices detailing the Annual Rent Charge, plus applicable taxes including GST, are sent out to Members with Payment required by June 29th of the same year. The fees cover the fiscal year – January to December.
  2. If payment is not received by the Due Date of June 29th, a statement is sent out to the Member with the stamp: PAST DUE.
  3. If payment is not received by August 31st, a second statement is sent to the Member with the stamp PAST DUE: SECOND NOTICE.
  4. If the account remains unpaid on January 1st of the following year (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 DEMAND LETTER will be sent to the Registered Owner on Title via prepaid registered post. A $70 fee will be included to cover the cost of obtaining the Title search and associated administrative fees. The Member Registry Roll will be updated with the current owner’s information.
    1. The DEMAND LETTER will state that payment is required by January 31st or a Caveat will be registered against the title of the property. The cost of registering the Caveat is $168 and is charged back to the owner.
  5. 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, usually once an account approaches $1,000 overdue (approximately 3 years of outstanding dues and collection fees).
  6. Cheques are made payable to the COUGAR RIDGE RESIDENTS ASSOCIATION
  7. A copy of the collection policy should be included with all invoicing notices sent to members.
  8. It is each member’s responsibility to ensure that payment clears their bank accounts and their account remains in good standing.
  9. 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:
Accredited Condominium Management Services Ltd. (ACMS)
Suite 8, 11010 46th Street SE
Calgary, Alberta
T2C 1G4
(403) 253-7525

 

Approved by the Board of Directors April 22, 2018.  A copy of the policy is available in PDF format.

New Collection Policy – Effective May 1st 2017

CRRA Collection Procedures Policy

Effective Date: May 1st, 2017

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.

  1. May 1st invoices detailing the Annual Rent Charge, plus applicable taxes including GST, are sent out to Members with Payment required by June 29th of the same year (net 30 days). The fees cover the fiscal year – January to December.
  2. If payment is not received by the Due Date of June 29th, a statement including interest at the rate of 18% per annum, is sent out to the Member with the stamp: PAST DUE on July 31st (1 month overdue).
  3. If payment is not received by August 31st (2 months overdue), a second statement including interest at the rate of 18% per annum, is sent to the Member with the stamp PAST DUE: SECOND NOTICE.
  4. If payment is still not received by October 31st, a title search will be done and a DEMAND LETTER will be sent to the Registered Owner on Title and a $30 fee will be included to cover the cost of obtaining the Title search and associated administrative fees. The Member Registry Roll will be updated with the current owner’s information.i. The DEMAND LETTER will state that payment is required in full by November 30th, or the account will be turned over to the Cougar Ridge Residents Association’s legal counsel and foreclosure proceedings will be initiated. All legal and collection costs are charged back to the owner.
  5. If account remains unpaid on December 1st, then it is turned over to legal counsel who issues another DEMAND LETTER for payment within 15 days, after which foreclosure proceedings will be initiated.
  6. A copy of the collection policy should be included with all invoicing notices sent to members. It is each member’s responsibility to ensure that payment clears their bank accounts.
  7. Annual Fees are collected by Accredited Condominium Management Services Ltd. (ACMS) Suite 8, 11010 46th Street SE, Calgary, Alberta T2C 1G4 on behalf of the Cougar Ridge Residents Association. Acceptable methods of payment are cash, cheque and e-transfer. For questions regarding payments contact ACMS at (403) 253-7525.
Annual Fees are to be made Payable to the Cougar Ridge Residents Association.
Payments are received by the Management Company:
Accredited Condominium Management Services Ltd. (ACMS)
Suite 8, 11010 46th Street SE
Calgary, Alberta T2C 1G4
Approved by the Board of Directors – April 6, 2017.  A copy of the policy is available in PDF format.

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