Updating Assessments
Published March 3, 2023
Good Evening Press Owners,
I am following the email from yesterday regarding the change in monthly assessments (dues) there were owners who followed up in regard to the correct monthly payment.
Press 2023 Assessment Schedule
When using the above link, you will see the "Total Assessment Column" in purple, with an orange column labeled, "10 month payment". The assessment for the remainder of the year is the "10 month column"
The budget is built to cover 12 months of revenue and expenses. The budget was ratified after the start of the 2023 financial year, the difference in revenue (assessments) that should have been collected in January and February have been distributed amongst the remainder of payments, March through December.
In trying to explain this, the below example may help:
2022 Assessment was $100; 2023 Assessment is $130.
The Association is needs $1560 for the year.
The Association did collect the $200 for January and February but needs to collect the additional $60. Rather than asking for the $60 at once, the $60 is distributed through the remaining 10 months, to adjust the $130/ mo to $136/ mo.
If the Association is not able to ratify the 2024 Budget by January 1, 2024, the amount due will be the purple color, or in the example above, $130.
I apologize for any confusion, and happy to address any other questions.
Thank you,