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Wednesday, 02 July 2008 |
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Treasurer's Report from Debbie Nigh
Accounts Receivable
As of June 30, 2008, the amount owed SWRA for maintenance fees is $115,036. Included are 22 legal cases---
$42,529.07. These property owners have owed fees for more than one year. Holloway Credit Solutions is
collecting on 57 properties for a total of $23,024. The Stoneview Summit condos commenced closing in late June
and account for $14,927 of the above amount. The 11 properties involved in the SWRA Declaratory Judgment
action account for $17,840. There are 3 tax sale properties for $6,329. The remaining amount due SWRA is un-
der various payment plans established with the owners. For all collection cases, the owner must reimburse SWRA
for any costs incurred for the debt such as attorney’s fees, collection agency fees, and court cost.
Currently, SWRA owns 4 properties recovered for non-payment of fees; 3 more are in the process of awaiting the
Sheriff’s enforcement of judgments to return the deed to SWRA. The properties currently owned by SWRA are
Lot 16 & 17, Turkey Roost; Lot 28, Beach Island, Addition 1; and Lot 78, Chinquapin Cove. Please contact the
SWRA office if you are interested in making an offer on any of these lots; market values will be determined on
these properties in due course. The highest bidder(s) will prevail.
The financial statements are always available in the SWRA office, and I will be happy to answer any questions.
As provided for in the covenants, the property owners are responsible for any additional money spend
for collection of money due SWRA. All collection fees and attorney fees are added to the amount
owed SWRA, thus we do not incur any additional expense in the collection process.
The operating expenses for SWRA so far this year have been within the projected budget and I do not
foresee any major change at this time. Assuming our collection efforts are successful, the budget will
be balanced again this year.
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Last Updated ( Wednesday, 02 July 2008 )
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