Rancho Santa Fe Association finance department brings delinquent assessment numbers down
By Karen Billing
The Rancho Santa Fe Association approved placing liens on five Covenant property owners who are delinquent on the second installment of their 2012-13 assessments. The number of delinquencies had been as high as 20, but the finance department’s collection efforts have brought that down to five. Only one lien of the 13 parcels that were delinquent on their first installment remains.
“These five overall brings our lost revenue below 1 percent for the entire year for the Association,” said Steve Comstock, chief financial officer.
Comstock said that the numbers of delinquencies has “diminished substantially” since they have started placing liens bi-annually.
In March the RSF Association approved a formal collections policy for past-due assessments.
In the past it took two consecutive delinquencies before a lien could be placed, meaning upward of 18 months could go by before the Association identified a financial hardship. To help staff identify a delinquency earlier, a lien can now be placed after each delinquent assessment.