Who is a member of the Valley Lakes Community Association?
All homeowners in Valley Lakes are automatically members of the Association. Each residential unit (town home or single family home) is entitled to one vote. Members vote to elect the Board of Directors as well as on changes or amendments to the Declaration of Covenants.
How many members are there?
What does being an Association member cost me?
All members pay an annual assessment set by the Board each year. The amount of the annual assessment is set by the Board each November for the following calendar year. Details on the current annual assessment can be found here.
What are my Assessment dues pay for?
Dues are used to pay the on-going expenses of the association. Major expenses include insurance and common area maintenance, including mowing, landscaping, signs; ponds and wetlands, there are many other expenses that are outlined in the budget or monthly treasurers report. A summary of the treasurers report will be reviewed during board meetings and a copy is available through the office.
When are my Assessments due?
The Annual Assessment is due January 1 of each year.
Can I pay the full amount January 1?
Yes, you may pay the entire annual assessment in January. Doing so will help the association control costs and simplify bookkeeping.
What if I want to make quarterly payments?
Due to the complexity and cost of offering an installment payment plan, quarterly payments are no longer offered.
NOTE: The Declaration of Covenants creates a single ANNUAL assessment. It is defined as being due January 1 of each year and NO accommodations are provided to allow or permit anything other than a single annual payment.
I lost my statement, how do I make my payments?
The statemetns are not necessary to process your payment. Please ensure your Unit address is shown on your check and we will make sure the payment is properly applied.
Can I pay more than the amount due?
Yes, you may pre-pay any amount at any time. Any extra payments will be applied as a credit and deducted automatically for any future payment.
How do I find out what my account balance is?
For security purposes you must call the office to get this information.
Can I pay my assessment online?
To control costs, the Association does not accept payments through online methods. HOWEVER if your bank offers online bill-payment services, you may use that service to send us your payment. Most banks offer this at no charge to existing customers.
I can’t pay my Assessments right now, what do I do?
While serious fines and penalties can result in failure to pay assessments, the Association understands that financial circumstances can change. If you find yourself in a situation where you are unable to make a quarterly payment, please contact the office and let them know. Payment plans can be worked out in most cases. We will work with homeowners whenever possible.
What happens if I don’t pay my assessment
The Association has a fiduciary duty to it’s members to ensure that all members pay their share of common expenses. Failure of any member to pay their portion is considered a breech of contract under Illinois law. The Association has many legal options open to attempt to collect past due assessments however the Board would much rather work with owners who have financial issues than pursue these options. If you find you are having difficulty making your payments please contact us first.