Assessment Package Formula
EPMFHOA’s  inclusive assessment package has 3 tiers. Those with larger units pay more than those with smaller units. This breakdown will show Small, Medium, and Large units, figured on the living space square footage. The amount the Medium units pay monthly is the total of the of the annual expenses divided by 30 units, then divided by 12 months; the Small units pay $5.00 less per month and the Large units pay $5.00 more than the Medium. The $5.00/month/size unit was an arbitrary dollar amount that was decided upon in 2010.
This dollar amount could be taken on any lone line item or the total expenses/month. It has, in the past, been taken only on the insurance line item. The original idea was to make it fairer for insurance, due to the different sizes of units. Or you can look at it as being overall fairer on the total of expenses due to the different size of units. Either way, it will come out the same.
(8) Small Units (1150-1500 s.f.): 1410, 1422, 1436, 1440, 1446, 1447, 1451, 1452
(12) Medium Units (1500-1700 s.f.): 1438, 1442, 1444, 1445, 1448, 1449, 1450, 1453, 1454, 1455, 1457, 1458
(10) Large Units (2200- 2800 s.f.): 1411, 1421, 1431, 1433, 1434, 1435, 1437, 1441, 1443, 1456
Posted in Financials by Susan with comments disabled.