2021 is around the corner, and that means....it's budget time!

Here are a few important reminders about Board responsibilities and Budgeting:

  1. The Board is required to prepare an annual budget for the association each year.
  2. A copy of the proposed budget must be delivered to owners at least 25 days before the Board votes at a meeting to approve it.
  3. Notice of the Board meeting to approve the budget must be delivered to owners at least 10 days prior to the meeting.
  4. Owners do not vote on the budget, only Board members. However...
  5. If an assessment increase would result in a 15% or more increase over TOTAL income for the prior year (including Special Assessments), then owners have the right to petition for an owner vote on the budget.

Please see more about Budgets from these CCR articles:

Condo Budgeting Tips for Pandemic-Related Issues

Double-check your ownership percentages when preparing budgets ...

How to Avoid Common Board Member Mistakes

The Importance of Reserves Budgeting in Small Condos ...

 

Related Videos for CCR Members:

 

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

December 2020
S M T W T F S
1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31