Financial FAQs for Home Owners

Where can I find the Financial Statements for Monroe Court?

  • The financial information for Monroe Court is available upon request.  Please e-mail the BOD if you wish to review the financial information.

Is there a current budget available for review?

  • The annual Monroe Court Budget is published under the Homeowner Reference Documents and is downloadable for review.

What’s the difference between the operating account, the capital account and the petty cash account?

  • The operating account is managed by Camco Management.  All of our monthly assessments are received by  Camco Management and deposited into this account. All invoices from contractors, that are not capital related, are paid out of this account.
  • The capital account is managed by the Board of Directors. Money in the capital account is reserved solely for major improvements in the community. It is not used to pay routine bills. All of the money in the capital account is currently deposited in an interest-bearing money market account.
  • The petty cash account is also managed by the Board of Directors. The purpose of this account is to pay for non-capital “small jobs” in the community. The petty cash account is funded by a transfer of money from the operating account.

How is the capital account funded?

  • The sources of funding for the capital account are several: initial money provided by THP, proceeds from the sale of the Hunsicker house, Operating Account transfers and the $800.00 one-time new homeowner capital assessment fee that is paid whenever a home is purchased.

I pay $115.00per month in fees. Where does my money go?

  • Landscape Maintenance
  • Trash Removal
  • Snow Removal
  • Management Fee
  • Insurance
  • Fire Hydrant Rental
  • Electric Street Lights
  • Capital Reserve
  • Miscellaneous Expenses (e.g., tree removal, damaged common area property)

Am I required to pay the $115.00 per month fee?

  • Yes. Paying the monthly fee is a responsibility for all owners in the Monroe Court community.

What happens if I do not pay the fee?

  • If you are 30 days late, a past-due letter will be sent by Camco Management.  If there is no response by day 45, Camco Management will notify our legal counsel.  You will receive a letter from legal counsel advising on payment.  If at day 60 no response is received, a lien will be placed on your home.  If fees are still not paid, the BOD will take appropriate action as deemed necessary to collect any outstanding money due to the Monroe Court Community Association up to and including foreclosure.

Are there any balances in the community that are past due?

  • Yes. The BOD actively pursues all delinquent accounts.

My home is up for sale and, once it is sold, I understand there is a resale certification required at settlement. What is this for? How can I get the certification and how much does it cost?

  • Title companies require that homeowner associations provide a 5407 Resale Certificate to comply with Pennsylvania law. The purpose of the 5407 is to indicate any past due balances, any capital contribution that may be required by the buyer, and to provide written notice of any violations that may exist about the existing property.
  • Once you sell your home and schedule a settlement date, you must complete the Resale Package Request form and submit it to Camco Management.  The form can be found under the Home Owner Reference Page of the website.  The fees are explained on the form. Be sure to allow processing time (~3 weeks prior to settlement) in case any discrepancies arise and need to be resolved. Contact Camco Management if you have any more questions. This process also applies to refinancing.

If I sell my home, the buyer is required to pay an $800 charge at settlement. What is this for?

  • The $800 is a fee charged to the buyer that is applied to the community’s capital reserve fund for future improvements. All new homeowners are buying into the community and this fee represents their contribution towards the fund to keep in step with the contributions already made by present owners.

What if I have a financial question, but it hasn’t been answered here?