Notice of Assessment
January 25, 2020
Subject: NOTICE OF SPECIAL ASSESSMENT
Due to the extraordinary and unpredictable increase in our fire insurance premium, the Chinquapin board met recently and passed the attached resolution declaring an emergency assessment to pay for the balance of the premium above and beyond the budgeted amount.
The amount of the assessment for each owner is $2,800.00.
This is a mandatory assessment and the payment is due by April 1, 2020. Payment in full may be made or as an alternative homeowners may pay the special assessment in three equal installments of $934 in addition to their regular homeowner quarterly dues on April 1, July 1 and October 1. The assessment plus the regular quarterly dues would total $4059 per quarter for three quarters before reverting to the regular quarterly dues of $3125.
The McClintock Accountancy firm will include the assessment in our next three quarterly invoices.
A copy of the resolution is appended.
This amount will make up the difference in what had been budgeted for an insurance premium at the budget meeting in November and the actual premium we were invoiced for in late December which was extraordinary and unforeseen.
The difference in the amount of the assessment between the resolution ($3000.) and the actual assessment ($2800) is due to the fact that we were able to negotiate a $50,000 reduction in the initial premium after the January board meeting.
Board of Directors Chinquapin Homeowners Association