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2020 Annual Northwoods Home Owner Due Letter

posted Dec 19, 2019, 8:10 PM by Jeff Song

We are pleased to tell you that the dues for 2020 will remain at $60.

Please make your check payable to “Northwoods HOA”, and mail it with the stub below to the address on the letterhead. Payments are due on January 1st and are considered delinquent after January 10th.  Delinquent accounts incur a $10 monthly late fee which is charged on the 11th day of each month that dues remain unpaid starting January 11th. Dues not paid by February 9th also are charged interest at the rate of 12% per annum from the January 1st due date.   This will be strictly enforced.  Annual homeowners’ dues and their payment are covered in Article V of the Declaration of Covenants. 

The HOA continues to have a comfortable bank balance, primarily because the volunteer Board of Directors has worked exceptionally hard, eliminating expenses of a management company.  Because our expenses remain relatively low, some of the 2019 operating expenses were covered by the existing cash balance.

However, as we have stated many times, dues will not remain permanently below the actual cost of running the HOA. As long as we have homeowners willing to volunteer for the Board, and if no significant unforeseen expenses arise, we may be able to keep the annual dues below $100 for a few years.  But revenue cannot remain less than expenses indefinitely. So at some point, we will have to increase dues back to the level where revenue covers annual expenses.  The volunteer Board is the key factor in keeping your dues low.  If we have to hire a management company, you can expect your dues to rise significantly.  Please consider volunteering for the Board next year! 

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Jeff Song,
Dec 19, 2019, 8:10 PM
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