$50 Credit to Homeowners in Good Standing

December 1, 2019

In our annual meeting we announced an opportunity for homeowners to earn a $50 credit by paying their dues and, if applicable, any fines and fees in full by January 31, 2020*. Those with a zero account balance at the end of January will earn the credit. The credit can then be used in the future to offset dues (e.g. January 2021) or other future HOA expenses. The purpose of this credit is to reward homeowners that are paying their fees on time and in full and to further encourage those with past due balances to pay them.

We’re able to offer this because the HOA is in excellent financial shape operating within budget and with more than adequate reserves. We are also fortunate this year because expenses anticipated to repair and upgrade our irrigation system were well below the estimates provided last year. As a result, the large reserve target we set for ourselves going into this year is greater than we now need.

To receive this credit you must pay the full amount shown on the SpectrumAM Oak Bluff HOA invoice by the due date. For most people this is $355, but it’s more if you have past due items. Do not deduct your anticipated credit from the amount you owe. If you do, you will not receive the credit, you will continue to carry a balance, your account will be considered delinquent, and you may be assessed a fine and interest.

Credits are anticipated to be determined and applied by the end of February and will be visible on your SpectrumAM account. Credits can then be used for future dues, assessments, fines or other HOA fees. Checks will NOT be mailed due to the processing costs involved. In extenuating circumstances, the board will work with individual homeowners to process the credit by other means.

Your board chose to return excess funds with a future credit vs. an early bird discount because it is simpler and less expensive to manage and provides an additional incentive to those homeowners with past due balances to pay them.

If you have any questions please use one of the contacts provided on the Oak Bluff Estates homepage http://oakbluffestates.com/ to contact SpectrumAM or the board directly.

Thank you.

Rich Caponigro OB HOA Treasurer

* Payments postmarked by 1/31/20 will be considered paid on 1/31/20