Early Bird Drawings – Why have them?
By Louise Lisac – RRA Treasurer
There has been a flurry of commentary on social media regarding our RRA Early Bird Drawings implemented for those property owners who pay their dues early. I, too, also thought it seemed a little “crazy” to reward someone for paying early. However, once I learned the value of this process I am a believer that it makes financial sense to continue the practice.
The first thing to remember is that our association runs on a fiscal calendar year (January through December) but our fees cover May through April. Don’t ask me why this is the case I wasn’t around when it was developed. It is what it is and that’s why our dues and assessments are due in full by May 1, but we send the invoices out early in January. If some of our property owners did not pay early, we would be required to borrow money for operating expense. I did a calculation of the actual dollars that were paid last year (2019) and calculated what we would pay a bank if we borrowed the money at 5%. The calculated interest would be $3050. Our early bird contest pays $2750. I for one would rather our neighbors get paid instead of the bank.
Anyone is eligible to participate and each of you can decide whether it is worth it to you to pay early. If you choose to do so I have heard it said that you have a slim to none chance of winning. I guess that is true. If you win, it is slim. If you don’t it is none!!! (Chuckle now!)
Seriously, my thanks to those that pay early and my thanks to those who pay by the due date. Our Association does not make money. All the funds collected are used to maintain our community. Each of us who own property in Roaming Shores has made the legal commitment to participate in the financial responsibilities of our association amenities. Also, we will again be sending out a reminder notice on April 1 for those property owners who did not pay. It is not a delinquent notice but simply a reminder of the May 1 date. We found last year that the majority of our residents appreciated the reminder and it did generate payments plus saved some a late fee. Please don’t consider it offensive and know that it is being sent for a positive reason.
As always, we welcome the opinions, suggestions and involvement of all members.