Assessment Collection Policy
Board resolution establishing procedures for assessment collections, including timelines, notices, and payment plan options.
GULFSIDE VILLAS CONDOMINIUM ASSOCIATION, INC.
Board Resolution: Assessment Collection, Late Fee, Interest, and Enforcement Policy
WHEREAS:
- The Association has a fiduciary obligation to maintain the common elements and operate the Association in a financially responsible manner; and
- Florida Statute 718.116 authorizes condominium associations to levy assessments, charge interest and late fees where permitted, record liens, and pursue collection and foreclosure remedies; and
- Inconsistent or discretionary enforcement of assessments exposes the Association to legal, financial, and operational risk;
NOW, THEREFORE, BE IT RESOLVED:
1. Assessments
All assessments are due on the date established by the Association. Any unpaid balance constitutes a delinquency.
2. Late Fee
If an assessment remains unpaid fifteen (15) days after the due date, the Association shall impose a one-time administrative late fee of $25.00, provided such fee is permitted by the governing documents and applicable law. This late fee is administrative in nature and is not a fine.
3. Interest
If an assessment remains unpaid thirty (30) days after the due date, interest shall accrue on the unpaid balance at the maximum rate permitted by Florida Statute 718.116, unless the governing documents require a lower rate.
4. Application of Payments
Payments shall be applied in the following order:
- Interest
- Late fees
- Costs and attorney's fees
- Delinquent assessments
5. Enforcement Timeline
Late fee applied and written notice issued
Interest begins accruing and final demand issued
Account referred to legal counsel and Notice of Intent to Record Lien issued
Lien recorded; voting and common-area use rights suspended where permitted by law
Board authorizes foreclosure or money judgment based on counsel recommendation
Experiencing Financial Hardship?
If you're facing temporary financial difficulties, you may request a payment plan before a lien is recorded.
6. Uniform Enforcement
This policy shall be applied uniformly to all owners without exception unless a written hardship policy is approved by Board vote.
7. Authority to Counsel
The Board authorizes Association legal counsel to take all lawful actions necessary to enforce this policy.
Adopted December 28, 2024
Request Payment Plan
Submit a hardship request online
Hardship Policy
View eligibility & terms
Owner FAQ (PDF)
Printable Q&A
Questions?
Contact the Board
Frequently Asked Questions
Why does the Association enforce assessments strictly?
Assessments fund insurance, maintenance, reserves, and utilities. Delinquencies shift costs to compliant owners.
Are late fees fines?
No. Late fees are administrative charges. Fines apply only to rule violations.
Can the Association record a lien or foreclose?
Yes. Florida law allows foreclosure of assessment liens.
What happens if I ignore notices?
Interest accrues, liens may be recorded, and legal costs increase.
Can I request a payment plan?
Yes, under the Association's hardship policy and before lien recording. Submit a request