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 »
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 »
Unit owners who purchase property in your Chicago condo association must also agree to the association’s bylaws and rules and regulations. Included in these documents are pages upon pages of important information, but they can easily be forgotten or disregarded…until an issue arises. To prevent unwanted disputes, it’s important to maintain consistent communication with owners …
How to Ensure Transparency with Assessment Collection and Allocation Read Full Article »
Condo association boards are responsible for the well-being of their entire association community, and the way they finance shared costs and resources within the association is via assessments and dues. Each association member is responsible for making timely assessment payments, and failure to do so could lead to serious consequences – potentially, even foreclosure and …
How to Deal with Foreclosure & Eviction in Your Condo Association Read Full Article »