How to Read Your HOA Statement
CAP Management and your HOA strive to keep you informed and keep the HOA’s delinquency rate low. One of the most important tools we use to achieve this is your monthly statement. Your statement has all the information you need to stay ahead of late fees and to make your payments consistently and on time. Now, one would think that a statement is a simple document, when in fact there is a lot of information presented in it, and this can get confusing. So to help you out, we have provided a quick overview of the various parts of your Statement, and what it all means.
Your Monthly HOA Statement
Your statement will include the monthly balance due and shows a brief history of the recent charges and payments on your account. If it looks like a charge has not been properly applied, please call or email our accounting department. You can also check your account status at cap.cincwebaxis.com. Many discrepancies stem from the mailed statement crossing with your payment, so be sure to look at the Invoice Date on the statement. Any activity after the invoice date will not show until the following month’s statement.
Another item to be aware of is the Late Fee warning, which we put on every statement. This generally shows on the payment stub and has 2 entries – one labelled “After this Date” and “Late Fee Charge.” The dates and charge amounts are pulled directly from your community’s SB100 Policies which outlines due dates and late fee charges, along with any associated interest that the Association is empowered to collect. However, a late fee will not be charged if the payment is received before that date. And no late fees are assessed in previous billing cycles unless they show in the history portion of the statement. These line items are not assessing you any fees, they are simply making you aware of the policies in place in your community with regards to late payments.
Late fees can be tricky – no one likes to pay them. If you believe you have been assessed a late fee charge in error, we encourage you to please check on our homeowner web portal cap.cincwebaxis.com before calling or emailing the accounting team to confirm that one has been assessed. The web portal stores all the data regarding your payments and charges that we have on file, so it has a full history of your account. This can be a powerful clarifying tool when it comes to your account status. CAP also offers E-statements, so if you prefer to receive this information via email, reach out to our accounting team if you are interested.
Statements are one of many tools CAP Management uses to keep your community in good financial shape. We can send statements and e-statements to any address or email address you use. And please, open your monthly statement to make sure your payments are being received – it is better to know where you stand with your HOA and to confirm your payments, rather than having your account be delinquent.