Condo unit owners buy property within a condo association for the shared benefits of living in the community. They pay association assessments to service and maintain those common areas, and they elect board members to act as financial fiduciaries to the association. Because of their investment, unit owners have a right to know that the assessments …
How is a Condo Association’s Budget Determined and Managed? Read Full Article »
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 »