Budget Edit page

The 2025-2026 Fiscal year will begin on November 1st and run until October 31st.  The Board of Directors did review the budget in August  for a proposed budget for next year.  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 increases , insurance premiums and tenant activity for the coming year.  The budget was ratified at the Annual Homeowner meeting to be held in November 2025 at the Quail Run clubhouse. 

An HOA operating budget is a projection of the money needed by the association to cover everyday shared 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 cost per unit per day is $16.89 for these shared expenses. 

On November 1, 2025 the Association increased the monthly assessment to $500.00. In accordance with our Rules and Regulations, it is your responsibility to ensure that your contact information is up to date on file with the office for future communications regarding the budget.

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

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

HOW TO PAY 

Credit card payments are only accepted on this website
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 charge.  If you would like to participate in ACH please contact the office to enroll or return the ACH form found under FORMS 
 

FHA Certification Requirements :  F. Budget
The existing budget of a condominium community must be determined to be adequate before FHA certification is approved. The budget must be determined to accomplish the following: 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.

In cases where the budget documents do not meet these standards, a reserve study (no older than 24 months) may be requested to assess the financial stability of the project. (A conservative Reserve study costs $8000.)