One of the condo board’s biggest responsibilities is managing the association’s budget. Depending on the size of the association, some of these budgets can be quite large, yet no matter the size of the budget, maintaining oversight of financial spending is imperative. Condo Board’s Financial Disclosure Responsibilities Condo board members must act as fiduciaries and …
How Are the Condo Association’s Finances Audited? Read Full Article »
Volunteering to serve on your condo association’s board is just that – voluntary. And while you are likely very interested in helping serve your community, you may not be the most experienced in this type of role. Fortunately, many resources are available to help educate you on being a condo board member and ensure you …
What Resources are Available to Board Members to Guide Them in Their Roles? Read Full Article »
Not all board members end up fulfilling their roles and responsibilities as they were elected to do. Maybe they just never show up to board meetings or worse, they engage in malicious behavior. If your Chicago condo association finds itself in the position of needing to remove a board member, what can you do about …
What Are the Procedures for a Condo Board Member’s Removal in Illinois? Read Full Article »
A condo association’s Declaration of Covenants, Conditions and Restrictions, a.k.a. its CC&Rs, is a set of rules that govern the condo community. Because associations are like mini-governments, these rules are in place so that all condo owners know what’s acceptable in terms of behavior and responsibilities. It also makes them aware of any consequences that …
What Should I Expect to Find in Our Condo Board’s Read Full Article »
Condo associations in Illinois are required to hold unit owner meetings at least once per year. Board meetings must occur at least four times per year. At each of these meetings, the board’s secretary is required to document meetings and save the notes as board minutes. In Illinois, the Department of Financial and Professional Regulation (IDFPR) sets …
Who is Entitled to See a Condo Board’s Minutes in Illinois? Read Full Article »