Budget

The Board of Directors has adopted the proposed budget for the November 1, 2024 thru October 31, 2025 fiscal year. Beginning on November 1, 2024 the Association will increase the monthly assessment by $40.00 to $480.00.  The increase will satisfy the expenses of the Homeowners Association.  An HOA operating budget is a projection of the money needed by the association to cover everyday expenditures, make repairs, obtain insurance, and provide adequate reserves for replacement of common elements as well as meet the requirements of government insured mortgages. The regular assessments must be enough to cover all expenses of the association. For more information, please visit our website at www.QRHOA.org As stated in our Rules and Regulations, it is your responsibility to ensure that your contact information is up to date on file with the office.

 Payment is due on the 1^st day of every month.

Late fees will remain at $25.00 per month UNTIL FURTHER NOTICE  and will be assessed on the 21^st of the month.

• Payment may be in the form of a check or money order.

Please pay to the order of: Quail Run Association Inc

Write the unit address on your check or money order to ensure accurate posting.

• Payment may be dropped off in the night box or mailed to:

            Quail Run Association Inc.

            1223 S. Zeno Way, Aurora CO 80017

• ACH is available (ACH) is the primary system that agencies use for electronic funds transfer (EFT). If you are currently enrolled in automated bank payments. No action is required except to make record of the new charg If you would like to participate in ACH please contact the office to enroll.

 Credit card payments are not accepted at this time.

 The minimum FHA Reserve funding allocation requirement is 10% of the budget. The "10% of budget to Reserves" rule applies to associations with an owner occupancy ratio over 50%.

Due to the rise of insurance cost, our homeowner associations’ insurance policy has a 5% wind and hail rider in addition to the $25,000.00 deductible per incident for damage to any part of the building including the units. This exposes our members to an insurance claim special assessment to pay for this deductible if it is executed. With this in mind, you should contact your personal insurance agent to ensure that your Unit Owners policy is tailored properly

The Master Policy covers the common areas and the building envelope. It does not cover or protect your personal, upgrades betterments or belongings inside your home. Many homeowners assume that since the Association carries insurance there is no need to purchase additional insurance. If there were to be a loss of property caused by a natural disaster such as a tornado, fire, or more commonly known to Colorado, hail, the Association’s insurance would only cover the loss or damage to the building itself, not items considered limited common element nor the inside your home. We cannot emphasize enough, the importance of obtaining Homeowner’s Insurance and/or renter’s insurance, if applicable. We encourage homeowners to look into adding Loss Assessment Endorsement coverage to their individual insurance policies. This type of coverage is typically quite affordable, so please consult with your personal carrier. These types of endorsements are meant to offset your exposure to an assessment arising from payment of the Association’s insurance deductible. Be sure to ask your agent if your loss assessment coverage would cover you if you were to receive an assessment from the HOA for a wind/hail deductible. The deductible on the policy for wind/ hail damage for 2024-2025 is 5% of the property value. You will be responsible for your portion of the deductible if the Association is subject to this type of peril loss.  We look forward to another year of service to our community and thank you for your support.

Sincerely,

Board of Directors: Quail Run Association Inc.

QUAIL RUN ASSOCIATION

Some of the most important decisions the Board of a homeowners association has to make are financial decisions. The Board of Directors considered the Reserve study , Operating costs , Service increase , Insurance premiums and tenant activity for the coming year.  The budget will be ratified at the Annual Homeowner meeting to be held in November 2024 at the Quail Run clubhouse.  Please check the calendar and look for our mailing periodically for more information.  

• Include allocations/line items to ensure sufficient funds are available to maintain and preserve all amenities and features unique to the condominium project;
• Provide for the funding of replacement reserves for capital expenditures and deferred maintenance in an account representing at least 10% of the budget; in 2019 FHA has doubled its Reserve funding requirement up to 20%, this only applies to associations with owner-occupancy between 35% and 50%. The "10% of budget to Reserves" rule still applies to associations with an owner occupancy ratio over 50%.
• Provide adequate funding for insurance coverage and deductibles.