2025 Fiscal Year Budget

Dear University Woods Owner:

The Board of Directors has approved the new budget for the fiscal year 2025. A copy of the budget is attached. The Board has reviewed the expenses and compared them to our reserve report and is increasing the assessments by $23.00 per month bringing the monthly dues to $258.00 per unit. In addition, a special assessment in the amount of $263.89 per unit has been approved by the board to cover costs incurred due to damages caused by water heaters. The special assessment will be due by March 1, 2025. Expenses due to inflation, insurance and faulty water heaters continue to rise. We have tried to pass a Declaration change that would put the responsibility of the deductible on the individual owner which has not had the votes to pass.

Please help us with some matters that have been a problem. The board is requesting everyone check your water heaters and if they are older than 10 years, they need to be replaced to help keep damage expenses and insurance rates manageable. Also please keep your A/C filter changed to prevent back up of the condensate lines, make sure the residents are taking trash to the dumpster and not setting it outside the door or around the dumpster. Finally make sure the tenants are aware of the rules and regulations which can be found on the HOA website https://www.universitywoodshoa.com under "HOA Documents"

The Board has approved the doors in the community to be painted and this will begin in December. In addition sealcoating and striping of the parking area is expected to be completed in early 2025, weather permitting.

As always, our goal is to make University Woods an exceptional place to live and a sound financial investment. On behalf of the Board of Directors, I wish you a Happy Holiday Season and a prosperous New Year.

Respectfully

Crystal Lynn

HOA Manager, Wilson Property Management