Clifden Glen / Circular No. 180 / 24.11.08 / Management Fees

Further to Circular No. 179 posted on 18 September and as part of our ongoing commitment to manage the site and services at Clifden Glen of behalf of the owners, the Board has carried out a review of operations and income and expenditure for the year to date and has considered how the Company might best manage operations in 2009.

As you are aware our not-for-profit company relies solely on the receipt of Management Fees in order to run Clifden Glen efficiently and this year has proved difficult in terms of meeting our ongoing expenses with the funds available. As a result we were unable this year to carry out essential work, such as the resurfacing of the roads.

Despite the rising costs of running and maintaining Clifden Glen there has been no increase in Management Fee rates since the Company commenced operations in 2005. We would like to assure owners that the Management Fee will remain at the same level for 2009, however it is vital that all owners support the Company by paying their fees on time so that we can meet our ongoing expenses. In order to facilitate both owners, by spreading out the cost of the Management Fees in instalments, and the Company, by ensuring that we have sufficient cash flow throughout the year to meet our ongoing expenses, we will introduce a 12 month standing order facility in 2009 and we urge owners to avail of this payment arrangement in order to eliminate the late payment of fees. There will be no additional cost for owners who opt to pay by this method and payment will be made in 12 equal amounts at the end of each month, i.e. a Lodge owner will be required to pay €181.50 per month for 12 months and a Cottage owner will pay €90.75 per month for 12 months.

Whilst most owners are supporting the Company by ensuring that they pay their share of the costs there are a small number of owners who are not contributing the running of the site and we can advise that the Board has now instructed the Company's solicitors, Gleeson McGrath Baldwin, to commence proceedings to recover these debts. In cases where outstanding fees relate to properties within partnership structures we will call on the relevant Partnership to settle this debt.

In order to ensure that we can continue with the external painting programme in 2009 we have agreed with CGS that they will now be responsible for the external painting of properties under the terms of the Service Agreement with effect from 1 January 2009. This arrangement will ensure that we can continue with our external painting programme whilst eliminating significant labour costs in 2009.

Once again we urge owners to ensure that their Management Fees are paid in a timely manner to ensure that we have sufficient funds available to meet our costs. Owners who are currently in arrears should note that a €100 late penalty and (as agreed at the AGM of the Company held on 25th March 2006) and €25 per month thereafter will be levied on any amounts outstanding at the 31 December 2008.

Should you have any queries in relation to this Circular or wish to discuss any aspect of Clifden Glen please contact Annette Lindsay on 097 82787, 087 2795432 or by email to annette.lindsay@clifdenglen.net.

Clifden Glen Management (2005) Plc
Market House, Churchtown, Mallow, Co Cork.

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