Payment processing cost Increases
We know that many of our neighbors are unhappy with the mandatory fee being imposed and they are expressing their anger and frustration. Many of our neighbors are submitting their payment with statements that require a response.
As a result, what we are seeing is an increase in expenses for our bookkeeping and legal activities. Whenever a payment is submitted to the bookkeeper with a note or comment it must be sent to our attorney for response. This additional cost was not in the projected budget.
At the last board meeting it was presented that an additional $25,000 in administrative fees for the bookkeeping company which includes postage and processing and an additional $25,000 for the attorney would be required to manage this additional work. To put this in perspective this represents a cost of approximately $22 per property ($50,000 / 2200) or 19% of the minimum fee. We have been very open to the fact that the budget will be in flux for the next few years and will share that information as we move forward. .
Please share with everyone that this practice is only contributing to the overall costs of Lake Operations and we are only hurting ourselves and each other. If you have questions or comments please free to contact us via the contact us link on our website or by writing to LPPOA PO Box 62 Parsippany NJ.
All Properties within the original purchase tract must submit their Membership Fees by March 31st.
Late payment fees and charges will be charged on each account that remains unpaid as of April 1.
Late payment fees and charges will be postponed and charged on each account that remains unpaid as of May 1.
You can click the following link to read our Collection Policy