The work of a condo board never stops, and one major task facing Chicago board members is planning for their association’s future. This includes capital planning. Capital planning is an important process for condo associations to ensure that they have the necessary resources to fund major capital projects and maintenance needs when those needs arise. …
Embarking on a capital improvement project for your condo association is an exciting endeavor, but it can certainly feel daunting. Handling capital projects can be a complex process and requires careful planning, financing, coordination, and execution. The end result, however, is a well-maintained property that holds (or increases) its value and improves the quality of …
Steps to Handle Condo Association Capital Projects Read Full Article »
As buildings age, capital improvements become necessary for maintaining the property and improving the overall quality of life for residents. Whether it’s a roof replacement, window upgrade, or other significant repair, these projects can be major expenses for condo associations, and one of the biggest challenges facing Chicago condo communities is how to fund these …
How Can My Condo Association Fund a Building Capital Improvement? Read Full Article »
Capital improvement projects are an important part of maintaining and improving the value of a condo association property. These projects can include major repairs, replacements, and upgrades such as roof replacements, window replacements, and landscaping renovations. Despite the importance of capital improvement projects, funding these projects can pose significant challenges for associations, especially if they …
3 Ways Your Condo Association Can Fund Capital Improvements Read Full Article »
Condo association management companies offer a range of services, and while the details will vary from company to company, there are some common services most property management companies in Chicago should include in their fees. That said, it’s important to review the contract and fine print of any agreement before committing to a company. Your …
What Services Should Be Included in the Property Management Fee? Read Full Article »
The composition of each association’s board of managers needs to be detailed in the association’s governing documents. While Illinois state law requires there to be a minimum of three unit owners serving on a condo board, it’s up to each condo association to specify in their bylaws what the composition and residency requirements are for …
Are There Residency Requirements for Serving on a Chicago Condo Board? Read Full Article »
Chicago condo associations are run much like a business and require a board of managers to oversee the needs and interests of the community. The Illinois Condominium Property Act (ICPA) sets forth the overarching laws that all condominium and common interest properties must adhere to; however, individual associations also have their own governing documents that …
How Many Board Members Does Your Chicago Condo Association Need? Read Full Article »
The majority of Chicago condo association boards do everything they can to avoid special assessments, but sometimes improvement projects or emergency repairs may require it. Here are some key things to know about association assessment adoption in Illinois. Maintaining Financial Transparency When establishing special assessment amounts, it’s incumbent upon the board to act as fiduciaries …
What to Know About Special Assessments for Chicago Condo Associations Read Full Article »
There are six and only six matters that may be lawfully discussed by a Chicago condo association board during a closed session. We’ll discuss what those matters are as well as when and how those issues can be brought to the table. What to Know About Closed Sessions Closed-session discussions may be called by the …
What Can be Discussed During a Chicago Condo Association Closed-Meeting Session Read Full Article »
Anyone who’s played the game of “telephone” as a child knows how quickly a simple message can get completely transformed after it’s been passed around the circle from person to person. While it’s all fun and games for young children sitting in a park, communication errors can cause serious problems when major decisions are involved, …