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Assessments

There are three types or assessments:  Regular, Special and Reimbursement (see CC&R Article IV, Sections 1 and 2).

Regular Assessments. Regular Assessment for the purpose of maintaining our community are levied annually and, under the CC&Rs are due and payable on January 1 of each year. It is currently our practice, however, to permit the payment of the annual assessment in monthly installments, and to provide monthly payment coupons for that purpose. These are courtesy reminders, and members are on notice of the obligation to pay the monthly installments on a timely basis, whether or not they receive a payment coupon booklet.

You may mail your payment, or drop it off at the EBMC drop box.  You may also pay electronically by either having a direct debit regularly taken from your checking or savings account by filling out the Direct Debit Form (Member Login Required), and mailing it to EBMC, or by making payment arrangements online at the property management portal's Payment Section (EBMC Management Portal Registration and Login Required).  

Almost half of the regular assessment goes for current operating expenses. That includes the cost of landscape maintenance, building repairs, custodial services, swimming pool service, common area utilities, insurance, legal and accounting services and the management firm’s fees. The funds are also used to fund the replacement costs of major components of Shelter Ridge which the Association is obligated to maintain, repair and/or replace.

Special Assessments. Special Assessments may be levied in any year for the purpose of defraying, in whole or in part, actual or estimated revenue shortfalls in the budget adopted by the Board for the fiscal year or such other purposes as the Board deems appropriate. Additionally, special assessments may be levied in the event of an emergency situation as defined in Civil Code Section 1366.

An emergency situation exists when an extraordinary expense is (1) required by court order, (2) necessary to repair or maintain the property for which the Association is responsible where a threat to personal safety on the property is discovered, or (3) necessary to repair or maintain the property for which the Association is responsible where the work and cost could not have been reasonably foreseen by the Board in preparing and distributing the pro forma operating budget.

Reimbursement Assessment.  Reimbursement assessments may be levied where a failure to comply with the governing documents, negligence or other misconduct (1) has or will necessitate an expenditure of monies by the Association; (2) resulted in a fine or penalty, or (3) caused any increase in Association insurance. Additionally, reimbursement assessments may be levied by mutual agreement between a member and the Association.

All assessments are due when specified by the Board and unless otherwise directed, are delinquent if not received within fifteen days of the due date. Payments are credited to a member’s account the day they are received at the management firm.

All delinquent accounts are subject to a late fee of 10%.  Interest at the legal rate accrues on any balance 30 days past due.  The homeowner is responsible for the payment of all costs incurred in collecting any delinquent assessment, including attorney’s fees.

Delinquent Assessment Collection Policy (as of 2010)

Sometimes the fund collected are not sufficient to meet all Shelter Ridge’s needs. If so, the regular assessments must be increased, or special assessments must be imposed. The Board may increase the annual assessment up to 20% over the previous year, provided it has complied with Civil Code Section 1365 (a).

Additionally, the Board may impose special assessments which in the aggregate do not exceed 5% of the budgeted gross expenses of do Association for that fiscal year or levy an emergency special assessment if necessary.

 


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