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Financial & Investment Advisory Committees (info)
Last updated: June 26, 2008

 

 

FY09 Budget Highlights

 

Franklin Farm's 2009 fiscal year begins on October 1, 2008. If you have questions about how your assessments are determined, please read the FY09 Budget Highlights (which also appear in the July issue of the Franklin Farm Almanac).

 

 

 

Three Ways to Pay Your Assessment

 

 

The Franklin Farm Foundation has changed banks. The Foundation’s new bank is Community Association Banc (CAB) headquartered in Phoenix, Arizona. This change was undertaken because of excessive fees charged the Foundation by its previous bank for services to handle assessment payments and the Foundation’s other financial transactions. CAB is a division of First National Bank of Arizona and was established to serve the needs of organizations like the Franklin Farm Foundation. We anticipate savings of over $7,000 per year with the change to CAB. The change to CAB will affect your payment of quarterly assessments in several different ways which are explained in detail below.
QUARTERLY STATEMENTS

You will still receive quarterly assessment statements; however, your payments will now be mailed to CAB in Arizona. There is a change from the prior payment procedure in that you now will be asked to tear off a coupon from the statement to be sent to CAB along with your check.

If an account is in arrears, the Foundation will adhere to the collection procedure detailed in Policy Resolution 9G, Procedures Relative to Collections and the owner will receive late fee notices from the Foundation.

Quarterly assessments are payable and due on the first day of January, April, July and October. Please allow sufficient time for your payment to reach the lockbox in Arizona in a timely manner to avoid a late fee charge. The back page of the “Almanac” provides you with the quarterly assessment schedule. It is necessary to continue whatever process you currently use to pay your assessment for the December 15, 2005 assessment billing. If you are mailing your check, please tear off the payment stub and mail it with the check to the Arizona lockbox, using the pre-addressed envelope. This assessment is due January 1, 2006.
  

ELECTRONIC DEBIT

Electronic debit begins April 1, 2006. You will receive an electronic debit authorization form with your December assessment statement. With the submittal of the completed authorization and voided check to the Foundation, an owner is enrolled for the first automatic withdrawal effective April 1, 2006 for the March 15, 2006 quarterly assessment and for all future assessments.

Future Electronic Debit Enrollment: The Foundation must be in receipt of the authorization form and voided check thirty (30) days before the assessment is due to ensure ELECTRONIC DEBIT enrollment for the upcoming quarterly assessment. Please contact the Foundation Office to sign-up now for the convenient electronic debit or to answer your questions.

Electronic Debit and a Future Assessment Change: Any variance in the quarterly debited amount adjusts automatically with the approved yearly budget. Annually, this information is published in the August Almanac.


Want to pay your assessments electronically? Please complete the Assessment Payment Form and mail a voided check to:


Attn: Finance
Franklin Farm Foundation

12700 Franklin Farm Road

Oak Hill, VA 20171

 

  

CREDIT CARD OPTION:

The change to CAB as the Foundation’s Bank also allows you make your assessment payment by credit card. Please be aware that CAB will charge you a fee of an additional 8% of the assessment to use this service. Credit card payment of assessments can be accomplished by accessing CAB’s website at www.cabanc.com and following instructions there. Credit card payment may be useful to avoid late fees if you have forgotten to pay your assessment to avoid the Foundation’s imposition of the $35 late fee.

 


 
 

 

 

 

Assessment Payment Tips from the FAC

 

The Financial Advisory Committee (FAC) reminds all Franklin Farm homeowners that payments for the FY 07 1st Quarter assessments are due October 1st. Payments can be made by check, direct debit, or credit card. Please mail your checks to P.O. Box 61388, Phoenix, AZ 85082-1388.

 

Direct Debit
If you have not already signed up for direct debit and wish to do so for future payments, the application is available at the Foundation Web site, www.franklinfarm.org, under the drop-down menu for “Forms.”

 

Credit Card Payments
Credit card payments may be made at the Community Association Bank Web site, www.cabanc.com. Click on “Credit Card Payments” on the right side of the screen under “Services.” Then, click on “Credit Card Payment Request.” The next screen prompts you for the information necessary to authorize and complete a one-time charge to your credit card. You must provide account information printed on the payment coupon included in your last statement. Please note that a service fee is charged.

 

Questions
If you have any questions about how to pay your assessments, please contact the Foundation office at 703-620-6230.

 


Past Articles:

 

Where Do All the Dollars Go?  A quick reference guide to your assessments.

 

 

Financial Advisory Committee Information

 

Purpose

The Financial Advisory Committee ("FAC”) is the primary advisor to the Board of Trustees (“BOT”) on all matters relating to the fiscal policies and procedures, budget and expenditures, and financial status of the Franklin Farm Foundation ("Foundation").

 

How to Join

Please contact Susan Baugh.

 

Meeting Place and Times

The Financial Advisory Committee meets on the second Thursday of each month at the Still Pond Community Center at 7:30 p.m.

 

 

The Franklin Farm Foundation - 12700 Franklin Farm Rd - Oak Hill, VA  20171
Phone:  703-620-6230     Fax:  703-620-9021     E-mail:  foundation@franklinfarm.org
Map of Franklin Farm      Map of the foundation office at the above address

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