Policies

KKVECRMA

ACOUNTS RECEIVABLE COLLECTION POLICY

ADOPTED: 4/10/2023


Annual dues as required under the associations governing documents are payable by January 31st every calendar year. If a member does not pay in full any expense due to the association by its due date, the payment will be deemed delinquent. Payment should be mailed to: KKVECRMA PO Box 7210 / Ocean View, HI 96737.


If the association does not receive payment for any dues invoice, or an invoice for any other expense by the date required, the delinquent member shall pay damages to reimburse the association for its time, inconvenience, and overhead in collecting the payment as follows: 



In addition to late fees, for each check that a bank returns for any reason the member must pay:




PROCESS OF COLLECTION:  As a courtesy, members will receive a late payment reminder letter if their balance reaches 45 days past due. If a member becomes 3 months or more delinquent, the member will no longer be in good standing. The members voting privileges will be suspended, the member will not be able attend meetings of the board, or request review of documents of the association. If the association receives payment in full before the written 30 day notice to pay period expires, privileges will not be suspended. 


Members will receive further past due notices at 6 months and 9 months. If no payment arrangements have previously been made, or if the balance is not paid in full at the end of 9 months, the member will receive a FINAL 90 day notice of intent to file a lien against the property per the Kula Kai View Estates by-laws, Article XV Section 7. If a lien is filed then later paid, the member is responsible for a $150.00 Administrative fee to remove it.


Amounts due above $1,000.00, and greater than 1 year old, may be automatically referred to an attorney or collection agency for legal action. All fees incurred by an attorney or collection agency to recover delinquent amounts will be assessed to the member.


It is incumbent on individual members of the community to communicate in writing with the Board within 5 days of receipt of a letter, if they feel they have a legitimate reason for the late payment situation. Owners also have the right to dispute the delinquency and have the Board research and adjudicate their claim upon receipt of evidence supporting the owners claim.






KKVECRMA

RECORDS RETENTION POLICY 

ADOPTED 4/10/2023

 

A.  Permanent
 1. Governing Documents: CC&Rs; Bylaws; Articles of Incorporation; Parcel Map
 2. Minutes (board and membership meetings, committee minutes)
 3. Deeds to Property Owned by the Association

B.  Seven Years. To ensure that all statutes of limitations have passed, the following records should be kept for seven years.


 1. Financial Records

·         budgets

·         general ledgers, journals and charts of account

·         year-end financial statements

·         accounts payable

·         accounts receivable ledgers, trial balances and billing records

·         canceled checks and bank statements

·         expense analysis and expense distribution schedules

·         invoices from vendors

·         deposit slips

·         reconciliations

·         petty cash vouchers

·         purchase orders


 2. Insurance Records (accident reports, settled claims, expired policies, fidelity bonds, certificates of insurance)
 3. General Correspondence
 4. Closed Litigation Files
 5. Tax Returns

 D.  Election materials:  Election materials must be retained by the secretary or inspector of elections for 30 days after the date of the election.

 E.  Secure Disposal. Whenever an association disposes of records, it must ensure that the records are completely destroyed, preferably by shredding or incineration. Simply throwing them into the trash can result in potential liability if confidential records end up in the wrong hands.

 F.  Litigation Hold. Records should not be destroyed if the association has a litigation hold.