Circular No. 181 / 24.11.08 / Outstanding Management Fees at 31 December 2008

Despite a number of reminders a small number of owners still have outstanding balances on their management fee account. We would like to remind those owners that any amounts outstanding at the year end, i.e. 31st December 2008, will incur a late payment administration charge of €100 with an additional penalty of €25 per month for each month that the amount balance remains outstanding.

Owners are aware that CGM is a not-for-profit company and we rely on owners paying their fees on time so that we have sufficient cash to meet our commitments and the costs of running the site. Our suppliers and service providers expect payment in a timely manner and we must therefore expect the same from owners paying their management fees. WE DO NOT RECEIVE INCOME FROM ANY OTHER SOURCE OR MAKE ANY PROFIT FROM MANAGEMENT FEES. WITHOUT FUNDS FROM OWNERS WE CANNOT PAY THE BILLS.

We advised in Circular 180 that despite the rising costs of goods and services we do not wish to increase the management fee in 2009. Please therefore help us to maintain the site efficiently by paying on time.

Owners may now opt to pay future management fees (arrears must be paid in full) by monthly standing order which will spread the annual cost out over a 12 month period. Standing Order Mandates have been sent to all owners.

We can also advise that we have now passed some long overdue accounts to our legal advisers for recovery.

Should you have any queries in relation to this Circular or wish to obtain a Standing Order Mandate please contact Annette Lindsay on 097 82787, 087 2795432 or by email to annette.lindsay@clifdenglen.net.

Please also note that any management fees received between Christmas and New Year will be processed and applied to the relevant account before the year end.

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

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