Adopting a new budget for your Chicago condo association is a process that happens annually and requires the support of at least a majority of board members present at the meeting. Read on for more information about how a condo association’s budget is approved in Illinois. What to Know About Budget Approval for Illinois HOAs …
Is a Condo Association’s Budget Approved by the Members in Illinois? Read Full Article »
Once your condo board has prepared your annual budget, it’s time to present that budget to your members. Being fully transparent about the financial decisions the board is planning to make is an essential part of any board member’s fiduciary responsibility. Instill confidence and trust in your unit owners by presenting a well-planned and professional annual …
How to Present Your Condo Association’s Budget to Your Members in Illinois Read Full Article »
Condo association budgets are prepared by the condo board. It’s one of the board’s biggest responsibilities, and often a task board members have the most questions about. Below we’ll discuss some factors to consider when developing your association’s annual budget and steps your board should take to adopt the budget. Budget Planning Best Practices Regardless …
How is a Condo Association’s Budget Prepared in Illinois? Read Full Article »
Planning the annual budget for your Illinois condo association is always a bit of a guessing game. Even with good data to base your predictions on, it can be hard to hit the nail exactly on the head. If your association happens to end the fiscal year on a high note – with a surplus …
How Are Any Surplus Funds Handled in an Illinois Condo Association? Read Full Article »
Planning annual budgets is one of the biggest responsibilities of any Illinois condo board. Not only must board members account for the day-to-day operational needs of the association when planning their annual budgets, but they must also factor in future expected and unexpected costs. These variables all impact how much in assessments the board will …
Condo association board members have a fiduciary responsibility to make financial decisions that are in the best interest of the association. As a check and balance to this process, there must be transparency with assessment collection and allocation. These decisions cannot be locked behind a safe. If you’re a condo association board member in Chicago, there …
What to Know About Assessment Collection and Allocation Transparency Read Full Article »
Short-term rentals (STRs), particularly those facilitated through websites like AirBNB and VRBO, have become increasingly popular in recent years. Property owners can generate additional income, and vacationers have a comfortable place to stay. It sounds like a win-win at first blush, but not all condo associations want vacationers traipsing through their halls. If your association …
Can You Enact Limits on STRs in a Condo Association? Read Full Article »
The short answer to whether you can enact limits on renting condo units in Chicago is yes. Associations can restrict owners from leasing their units entirely or enact other restrictions to limit the amount of rentals within the association. What to Know About Rental Restrictions in a Condo Association Per the Illinois Condominium Property Act …
Can You Enact Limits on Renting in an Illinois Condo Association? Read Full Article »
Part of living in a condo association means agreeing to pay all monthly dues and special assessments levied by the board. Unit owners who fail to make their payments on time could face serious consequences, including foreclosure and eviction. What Happens When a Unit Owner is Delinquent The condo board or the association’s management company …
A small scuffle or skirmish between neighbors can quickly escalate into a full-on dispute, but should the condo board get involved in a conflict between two condo owners? And if so, when? Here’s how a Chicago condo association should position itself if it needs to draw a line in the sand between neighbors. Let Personal …