Budget Letter ~ October 2023

Dear Fairfax Manor Condominium Home Owner:

In accordance with the Fairfax Manor Condominium Association Declaration and By-Laws, the Board of Directors unanimously approved the enclosed Budget for 2024, at the Board Meeting held on Monday, October 10, 2023. After considerable review and reflection, the Board has unanimously agreed that the monthly assessment fee MUST INCREASE by approximately 13.9% for 2024. Some factors affecting the budget are:

• We plan to contribute $123,700.00 to our reserve fund for capital items such as siding, asphalt, and carport roof replacements. We also plan to have an updated reserve study done in 2024~
• Increased operating costs such as insurance, legal fees, and utilities
• Mulch
• Increased Landscaping and Snowplowing contract costs.

In Late December 2023, you will receive a one-year supply of payment coupons in the mail, unless you are signed up for direct debit (ACH) and/or you indicated you do not need a coupon book. Your monthly assessment fees are always due on the first of each month payable to Fairfax Manor Condominium Association. Payments received after the fifteenth (15th) of the month are charged a $25.00 late fee.

Payment Options (payable the first day of each month):

• Mail your payment, to P. 0. Box 33812, Detroit, MI 48232-5812 payable to Fairfax Manor Condominium Association. Please be sure to include either a payment coupon or
  your 7-digit account number on the check.
• If you are signed up for direct debit (ACH), your new payment amount for 2024 will automatically be withdrawn. You will not receive a coupon book.
• You can pay through the web portal at (https://qualitycm.appfolio.com/connect), via check or credit card. A processing fee will apply.

We will strive to make every effort to continue, high maintenance standards, which we believe to be in the best interest of Fairfax Manor. Your cooperation, understanding, and support are appreciated. We hope to see you at the scheduled Annual Meeting on Monday, November 13, 2023 at 7 p.m. at the Clubhouse. Registration will begin at 6:30 p.m.
Should you have any questions concerning the 2024 Budget, please contact our Community Manager, Mary Miragliotta at Quality Community Management, Inc. at: 440-946-4747.

Sincerely,
FAIRFAX MANOR CONDOMINIUM UNIT OWNERS’ ASSOCIATION, INC.
BOARD OF DIRECTORS