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 »