$570,000 in Delinquent Dues. Too much?

The July 31, 2023 balance of delinquent dues was $570,056.02. That included $175,481.14 that was currently overdue. 

How will the numbers change with the August 31st financial statement?

The Board is considering the bids for the 2024 management contract. The decision is imminent. Could the August financial results be so bad that they are being withheld from the Members?

How much of that $570,000 is uncollectable? I mean, really uncollectable. CAMS and the HOA's lawyer should be informing the board of that amount.

Should it be written off? What if the board writes off $300,000? How will the Members feel about that?

More importantly, how will the Voting Members feel, when it's time to elect four directors on November 7, 2023? If, that is, an Annual Meeting of Voting Members can even be held. Can a legal quorum be mustered?

Will that cause a serious review and examination of the Association Collection Policy and Collection Activity? Will that be done in time to have a bearing on what firm gets the management contract for 2024? 

Not likely.

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