The Board of Directors passed a new budget for the fiscal year starting July 1, 2020 and ending June 30, 2021, a new 12-month budget period. The new assessment amount for the entire fiscal year is $2,444, or $1,222 every six months, payable on/before July 1, 2020 and January 1, 2021. This is an increase of $392 for 12 months.
Everyone who paid in full last December (or early January) for 2020 has one-half of their $2,052 payment applied to the first half of 2020, and the remaining half – $1,026 – is a credit against the $1,222 due by July 1, leaving $196 due from these members for the first payment in the new fiscal year. Anyone who only paid half previously ($1,026) has no credit to apply to the July 1 payment, and that means $1,222 is due on/before July 1, 2020.