Late Charge Policy

1. All monthly housing charges (or carrying charges) are due to the Cooperative according to the terms and conditions of the Occupancy Agreements signed between the members and the Cooperative on or before the first (1^st) day of each month. The Cooperative staff is directed to use their best efforts to insure that all payments are made in a timely fashion.

2. Under the provision of the Occupancy Agreement entitled Late Charges and Other Costs in Case Of Default, being Article 18 of that agreement, a late charge of ten dollars ($10.00) is hereby established that is to be due and payable on the eleventh (11^th) day of each month if outstanding amounts on any member’s records are not paid in full on or before the tenth (10^th) day of the same month.

3. In addition to the late charge that is to accrue on the eleventh (11^th) day of the month, additional late charges shall accrue at the rate of one dollar ($1.00) per day for each and every day that an amount is outstanding after the tenth (10^th) day of each month. Any payments made to the office through the drop-box on the exterior of the office during any weekend or holiday that the office is not open shall be deemed as having been made on the last day prior to the weekend or holiday for the purpose of this Policy.

4. Late charges which are established (above) shall accrue separately on each and every amount that shall be due as of the first (1^st) of any month, and is not paid within the time(s) indicated. (EXAMPLE: If June and July charges are not paid until the 15^th of July, the late charges that will be charged to that account are as follows: On the June balance - $30.00 for June and $14.00 for July - PLUS - on the July charges - $14.00, for a total of $58.00 in accrued late charges.)

5. Late charges shall accrue on all charges properly assessed to a member by the Board of Directors by the Board’s action, or by the action of a Committee of the Board of Directors, or by the action of the Cooperative staff. For the purpose of this Policy, any charge(s) so assessed shall be due and payable on the first of the following month if delivered to the member, or deposited in the United States Mail, first class postage paid, on or before the fifteenth (15^th) of the current month. Charges assessed, invoiced and delivered or mailed after the fifteenth (15^th) of any month shall not be due for the purpose of this Policy until the first (1^st) of the month following the immediately subsequent month to delivery or mailing of notice.

6. Any and all late charges that should normally accrue because of a delinquency may be waived or abated, either wholly or partially, by the Board of Directors upon receipt by the Board of Directors of a written request prior to the time late charges accrue and upon the Board of Directors’ review of the circumstances surrounding such request. Any such request must be in writing and delivered to the Cooperative Office or to an officer of the Board of Directors. Any person receiving such a request on behalf of the Board of Directors shall make the date of receipt clearly on the face of the request. The Board may, if it acts favorably on the request, waive or abate, wholly or partially, any or all late fees that may have accrued subsequent to the date of receipt of the request.

[Home] [What is  a Co-op] [Location Map] [Qualifications] [Inside the Cooperative] [Organization] [Policies] [Forms] [Pictures] [Other Links]