budget

Budget Information  [Updated 12/05/2019]

• 2020 HOA Assessment of $331.00 DUE January 01, 2020!!!
  • Gross Assessment Increased ~5% ($15.00) over 2019 to $343.00.
  • One-Time Credit of $12.00 approved
  • Net Assessment increase of $3 resulting in $331.00 due for 2020
  • Check your invoice for balance due for any past late charges or overpayments!
    • Four homeowners have slight credit balance
  • After payment, follow up with bank or credit crd to verify payment has cleared!
  • Pay by due date to allow for any processing delays!

• 2020 Final Budget and Assessment Mailing
  • Approved 2020 Budget and Assessment Fee
  • Sample Invoice and Payment Instructions
  • NOTE: If you haven’t received your invoice, contact TMGA

• Additional Documents
  • Homeowner and Resident Contact Information
  • Please fill out and submit this form if you have not done so previously.
  • CCOC Duties Notice
    • NOTE: PDF conversion error for CCOC site should be …

https://www.montgomerycountymd.gov/DHCA/housing/commonownership

• Late Fee Collection Procedure (approved 1/22/2018)
  • Late Fee Penalties:
    • $20 Penalty if not paid by January 31, 2020!!!
      • $5 Admin Fee, $15 Late Fee
    • Lien Process May Be Initiated if not paid by February 28, 2020!!!

• Payment Methods
  • Direct Debit Form (print and mail)
    • Direct Debit must be set up in advance for subsequent year(s)!

• Online Transfer from Personal Bank (via Union Bank Homeowner Association Services)
  • The fastest way to pay your assessment is to set up an account with Union Bank and pay online by having the bank transfer directly from your personal bank account. Moreover, you will receive an email confirmation of your payment.
    • You can select a one-time payment that does not require you to establish an account or register an password-protected account for use each year.
      • Alternatively, you can pay by credit card, but this method charges a convenience fee.

• Direct link to Union Bank (also known as Smartstreet)Quick Instructions for Online Transfer from Personal Bank via Union BankDetailed instructions with screen shots!

• BillPay from Personal Bank Account
  • Notes:
    • Bill Pay service usually has a significant delay, so submit payment early to avoid late fees.
    • Your bank may have a different name for this service and may require additional information.

• Personal Check and invoice by mail
  • Mail to:

Derwood Station HOA

C/O The Management Group Assoc.

P.O. Box 105007

Atlanta, GA 30348-5007

• Note that payment by mail goes to a PO Box in Georgia and may result in processing delays.