condo board

How Do I Request Condo Association Financial Statements in Chicago?

All condo unit owners in Chicago are allowed access to their association’s documents. This is important for transparency and being able to check for the financial health of a condo association, but there are frequently formalized procedures in place to gain access to them. Section 18(a)(7) of the Illinois Condominium Property Act (ICPA) requires the …

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How Do You Read a Condo Association Balance Sheet?

Reading a condo association’s balance sheet can provide valuable insight into its financial health and overall financial position. It also helps ensure the association makes smart financial decisions in the future. Whether you’ve been elected to your association’s board member or are just a unit owner in your condo community, it’s important to be able …

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When Do You Need Permission for Your Condo Remodeling Project?

In Chicago, condo owners typically need permission or approval from the condo association or board before undertaking any remodeling project within their unit. To be sure, you’ll want to review the specific requirements and procedures in your association’s governing documents. In addition to securing the greenlight from your HOA, you may also need to secure …

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How Often Are Condo Buildings Inspected in Chicago?

The City of Chicago requires a host of inspections for condominium properties, and the requirements vary depending on the building’s structure and whether it contains certain items, such as elevators, boilers, backflow valves, metal structures and many others. To understand the inspection requirements for your condo association, it’s best to partner with a local association …

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Budget for Condo Associations: What Is the Purpose of These Budgets?

Condo members who are elected to their association’s board in Chicago have many responsibilities, but perhaps one of the biggest is managing the annual budget. Board members must maintain a fiduciary responsibility to the association and make all decisions based on the best interests of the community. That said, despite those decisions being made in …

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When a Condominium Association Creates a Cash Flow Plan, What Amount of Time Must the Projection Be Based On?

When creating a cash flow plan for your Chicago condo association, the amount of time the projection should be based on depends on a number of factors, including the size of your association, its financial history, and your association’s future goals and plans. In general, most condo associations create cash flow projections that cover a …

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Condo Association Maintenance versus Capital Improvements

Condominium association board members are responsible for managing the upkeep and maintenance of their shared association properties to ensure they remain safe, functional, and attractive for all residents. Two essential components of this responsibility are maintenance and capital improvements. While both are critical for ensuring the ongoing value and satisfaction of the property, there are …

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