I just sent this information to a client, so figured I'd post it quickly here as well!

Incorporated associations must file an IL Annual Report each year and pay a filing fee to maintain their incorporation.  Filing can be done online for an extra fee or a form can be completed and mailed with payment. 

Click here to file online. 

Click here to complete and mail a paper form.

While condominium associations are considered non-profit entities and are incorporated as such with the state, they do not qualify for federal tax exemption under IRS Code Sec. 501(c).  The IRS has issued a Written Determination that specifically denies condominium associations tax exempt status as a Civic League or Social Welfare Organization under Sec. 501(c)(4) or as a Business League under Sec. 501(c)(6).  The bottom line is that condominium associations operate for the benefit of their members, and not for the social welfare or common good of the community in general.  They also are not formed as an association of persons with a common business interest. Download and read the entire letter ruling here.

The City of Chicago 2012 Budget proposes to eliminate the Refuse Rebate program for condominium associations.  This means a loss of much needed funds for small associations across Chicago. 

You can sign a petition to ask the mayor to preserve the Refuse Rebate.  Please make your voice heard by signing the petition online:  http://www.change.org/petitions/mayor-city-of-chicago-eliminate-the-condo-refuse-rebate-portion-of-your-2012-budget-proposal.

Associations have until 12/31/11 to file 2010 Refuse Rebates.  This could be the last chance to receive your Rebate, so be sure to file on time!

In reviewing our clients' insurance policies while preparing 2012 budgets, I'm finding that several smaller associations have policies with deductibles that are high for their size.  The deductible is the amount that the association will pay toward any claim before the insurance policy will cover anything.  A $2500 deductible may save a bit on insurance premiums, but if the association doesn't have a lot of funds in the bank to begin with, it will be difficult to cover a $2500 deductible when a claim is filed.

We generally recommend a $1000 deductible for small associations.  Check with your insurance agent or broker to determine if you can minimize your deductible while keeping your premiums at a reasonable level.

The Rogers Park Community Development Corporation is working with the Illinois Housing Development Authority and the U.S. Dept of Treasury on a new program that offers temporary mortgage payment assistance to households that have experienced income loss due to unemployment or underemployment.

Illinois Hardest Hit will pay your mortgage for up to 18 months (or up to $25,000) if you qualify.  You can apply online and designate the Rogers Park CDC as your agency (if you do not designate an agency, one in the Chicago area will be assigned to you).  See the program's website for more information and to apply.

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