It's budget season at Haus Financial Services! We are in the process of helping our clients to plan for 2018 and set their assessments accordingly.

A detailed budget that realistically projects anticipated income needs for the year is vital for every condominium association. It is also legally required by the IL Condo Act. If your association's board is not drafting and approving a budget each year, you may face deficits that can lead to inadequate reserves and deferred maintenance. This is the recipe for a major special assessment down the road.

All owners must receive a copy of the Proposed Budget at least 25 days prior to the board meeting at which the budget will be approved. Owners must also receive at least 10 days' and no more than 30 days' notice of the details (date, time, location ) of the meeting scheduled to approve the budget.

Remember - email notification is not a valid means of sending notice to owners unless the board has been given express authorization to communicate via email. Cover your bases by mailing or delivering notices personally as well as by email and by posting a notice in conspicuous locations in your building. 

Need guidance in preparing your budget? View our Educational Video "Budgeting Made Easy". (Available to CCR Subscribers.)

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