For funding the operating budget, for maintaining the common areas and facilities, and for funding reserves, the Association levies a monthly assessment. During the annual budget review, the current assessments are evaluated in light of essential operating expenditures and reserve planning. The current assessments effective 1 July 2021 are:
Patio Homes: $170.17
Payment of Assessments
Assessment billings are mailed to owners on or before the first of each month and are due and payable on the first. Remittances by either check payable to Aegean Heights HOA via regular mail or payment via automatic bank debit are preferred. The payment by mail address is:
Aegean Heights HOA
C/O TSG Independent P.M., Inc.
P.O. Box 57063
Irvine, CA 92619-7063
Delinquent Assessments and Remedies
An automatic late fee of $10.00 is applied for payments received after the 15th.
After 30 days delinquent, an interest charge of 10% is added to the amount due. Delinquent fees are reflected in subsequent HOA billings.
After 60 days delinquent, a notice of intent to lien is sent to the owner. Late fees and interest continue to accrue along with collection costs.
After 70 days delinquent, at the discretion of the Board, a lien package is forwarded by the Association attorney for recording against the property. In unresolved delinquency situations over $1,800 without a repayment plan, the Board may elect to commence judicial or non-judicial foreclosure proceedings on the property. Foreclosure legal fees are additive to ongoing late fees, interest, and collection costs.
Where Does the Assessment Money Go?
Because townhome properties outnumber patio homes, townhome owners contribute slightly more in total to the operating budget and common reserve fund. Townhome owners also contribute a significant portion of their assessment to a separate townhome reserve fund for performing exterior building maintenance and repairs to include roofs, paint, fascia, stucco, gutters, slump stone walls, and metal gates. The approximate percentages of the patio home assessment applied to the operating budget and common reserve fund are 91% and 9% respectively. The approximate percentages of the townhome assessment applied to the operating budget, common reserves, and townhome reserve fund are 41%, 4%, and 55% respectively.
The Association fiscal year runs from 1 July through 30 June. A budget review is conducted annually in May by TSG Independent Property Management and designated Board members. The budget for the forthcoming year is approved at this review and mailed to all members in June. Among other key governing documents mailed with the Budget are the current Certificate of Liability Insurance, the Assessment and Reserve Funding Disclosure Summaries, and the most recent Reserves Study for both Townhomes and Common Area property. As mandated by the Davis-Sterling Common Development Act, Civil Code Sections 5550-5580, a reserve study is required at least once every three years. These documents are available at Governing Documents and Forms.