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Ferris Springs Billing Explanation
Published: December 19, 2024
The HOA Board is committed to transparency and believes it’s important that each homeowner fully understands the billing process. To clarify how billing works and when fees are assessed, review the example below.
(Typical month; I’m using October as an example). Each new month is billed on the 1st.
| 10/1 | Bulk Rate Internet | | $43.99 |
| 10/1 | Monthly Assessments | | $50.00 |
| 10/1 | Water | | $23.45 |
| | | Total Due | $117.44 |
If payment is not made by 10/31, fees will be assessed on 11/1 in the following amounts:
| 11/1 | Internet Delinquent Fee | | $25.00 |
| 11/1 | Internet Delinquent Interest | | $0.66 |
| 11/1 | Assessment Delinquent Fee | | $25.00 |
| 11/1 | Assessment Delinquent Interest | | $0.75 |
| | | Total Fees | 51.41 |
With the current example, this means on 11/1, the new balance due in November is $168.85 for previously billed charges plus $117.44, the new month’s regular charges.
| 11/1 | October Charges | | $117.44 |
| 11/1 | Late Fees | | $51.41 |
| 11/1 | November internet, assessment & water (assuming same amount) | | $117.44 |
| | | Total Due | $286.29 |
Additionally, if the October charges (including late fees) are not paid in November, then on 12/1 a $15.00 collection fee will be assessed and will continue to be assessed each month that the balance is past due. The Board has some discretion regarding when an account is escalated or when legal services for collections are activated, but it can happen quickly.
Help us help you. If you think there has been a billing error, please pay the billed charges while we investigate so that late fees do not continue to accrue.
As a reminder, if you have not registered on the community website, please do so. It is a wealth of information and a useful resource. Once logged in, under the “About Us” tab, click on “Pay Your HOA Dues Online”. Follow the instructions to set up your payment portal.
Ferris Springs Residential HOA
