Condominium Fees
The fiscal year for Crossbow Point is September 1st to August 31st, and the condominium fees are set and advised to owners through the Manager’s Report by August 15th in advance of the upcoming fiscal year.
• Please keep your current mailing/billing address on file with PEKA
• Fees for the year are based on the operating budget and the requirements for the Reserve
Fund. A Reserve Fund study is completed by the Corporation at least every
five years, and this information is used to set budgets and fees that will ensure appropriate
funds are set aside for future longer term major capital expenses. The first Reserve Fund
study was completed in 2006. To review the most recently approved reserve fund studies,
refer to the Condo Docs web page.
• Condominium fees are due on the first of each month. It is important to pay the
condominium fees on time as they cover the operating and reserve fund costs of the
condominium as shown in the budget and financial statements.
• Direct payment (automatic debit) service is available for your convenience; contact PEKA
or download the authorization form from their website. Other payment arrangements can
also be with PEKA.
• You may also download the budget and other condominium documents from the PEKA
website.
• Additional fees will be assessed, along with interest at 1.5% per month (18% per year), on
all overdue accounts. Pursuant to Condominium By-Laws, all payments received by the
Corporation shall be first applied to interest and then to unpaid obligations as first due, and
lastly to current contributions.
• In the event of non-payment of fees, the Corporation may place a lien on the Owner's unit to ensure the financial benefit of the Corporation and other Owners. The Corporation may
also pursue foreclosures on the property.
• Please keep your current mailing/billing address on file with PEKA
• Fees for the year are based on the operating budget and the requirements for the Reserve
Fund. A Reserve Fund study is completed by the Corporation at least every
five years, and this information is used to set budgets and fees that will ensure appropriate
funds are set aside for future longer term major capital expenses. The first Reserve Fund
study was completed in 2006. To review the most recently approved reserve fund studies,
refer to the Condo Docs web page.
• Condominium fees are due on the first of each month. It is important to pay the
condominium fees on time as they cover the operating and reserve fund costs of the
condominium as shown in the budget and financial statements.
• Direct payment (automatic debit) service is available for your convenience; contact PEKA
or download the authorization form from their website. Other payment arrangements can
also be with PEKA.
• You may also download the budget and other condominium documents from the PEKA
website.
• Additional fees will be assessed, along with interest at 1.5% per month (18% per year), on
all overdue accounts. Pursuant to Condominium By-Laws, all payments received by the
Corporation shall be first applied to interest and then to unpaid obligations as first due, and
lastly to current contributions.
• In the event of non-payment of fees, the Corporation may place a lien on the Owner's unit to ensure the financial benefit of the Corporation and other Owners. The Corporation may
also pursue foreclosures on the property.
