Special Assessment 2025

The Board of Directors (Board) meeting on August 15, 2025, the Board for Fountain Hills Condominium (Condominium) approved levying a special assessment totaling $735.00.

NECESSITY OF SPECIAL ASSESSMENT

As you may know, the Condominium has experienced many insured casualties over the past several years. As a result, the Condominium has been placed in the excess market for insurance. Not only did this increase the cost of insurance significantly over the already large increase planned in the 2026 budget, but this market requires that the Condominium pay the yearly insurance premium in full before the insurance renewal goes into effect. As a result, the Board of Directors had to borrow $127,000 from its reserve account to pay the insurance premium in full no later than its renewal in July of 2025. At the same time, the Condominium was also advised that it will most likely remain in the excess market for at least 3 years, resulting in the need to pay for the 2026-2027 insurance premium in full for the renewal of the policy by June of 2026. Insurance is essential to ensure the safety and protection of the Condominium property in the event of a casualty. The Board’s decision to levy a special assessment is based on the fact that insurance is necessary and that the insurance company requires full payment as a condition for renewal. The Board has not made the decision to levy a special assessment lightly, and hopes that Unit Owners understand the significance and necessity of the special assessment.

AMOUNT OF SPECIAL ASSESSMENT

The amount of each Unit Owner’s portion of the special assessment is $735.00 per Unit. When calculating the special assessment, the Board tried to balance the Condominium’s needs with the Unit Owners’ ability to pay the special assessment. The Board is therefore providing Unit Owners with the option to pay the special assessment either (i) in one lump sum by November 1, 2025, or (ii) in two (2) monthly installments paid on November 1, 2025, and December 1, 2025. The special assessment will go into effect and be payable on November 1, 2025.

Unit Owners who opt to pay the special assessment in one lump sum must pay $735.00 by November 1, 2025.

Unit Owners who opt to pay the special assessment over two (2) months must pay $367.50 by November 1, 2025, and $367.50 by December 1, 2025.

We hope you understand that the special assessment is not meant to burden you, but is meant to benefit you and our buildings, and more importantly, is necessary and crucial for the Condominium’s well-being.

HOW TO PAY THE SPECIAL ASSESSMENT

• To pay online with your community association bank, Western Alliance Bank (WAB), log in to your homeowner portal and click on “Make a Payment.” Homeowners who have not yet set up access to their portal should email info@vanguardmgt.com today to request their registration information.

  • When paying online with WAB by credit card or one-time electronic payment, please allow four (4) business days for processing. Credit card payments are subject to a convenience fee charged by WAB.

  • To pay with your bank’s online bill pay service, please make any necessary updates to the mailing address, account number, and amount prior to making payment.

• To pay by mail,

  • Mail your payments to P.O. BOX 93687, Las Vegas, NV 89193-3687

  • Make checks payable to “Fountain Hills Condominium” and reference your account number on the check.

• Payments should not be mailed or hand-delivered to the Vanguard Management office. Checks received in the office will be “Returned to Sender.”

• The special assessment, in addition to your monthly assessment, is due on the first (1st) day of each month and is considered late if not received by the fifteenth of the month. Late payments are subject to a fifteen-dollar ($15.00) late charge and other costs of collection.