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HERCC's fiscal year is from July 1 to June 30. Annual dues are billed in May of each year, and are due by June 30 of each year. Boat rack assessments, and any extraordinary assessments as voted by the membership, are also due by June 30 of each year unless otherwise specified. Only members whose dues, and all outstanding fees and assessments, are fully paid-up are eligible for boat-rack and beach shed assignments. Any household three-years in arrears will be dropped from membership. Households wishing to join HERCC may petition the Board of Directors, and upon approval, must pay the New Member Fee. The New Member Fee (same fee for reinstatement of ex-members) is currently set at $7,500, as described in the HERCC By-Laws. Payments more than 11 months late will be assessed an annual penalty charge of 10% of the outstanding balance.